Brazil’s antitrust agency CADE has granted permission to Grupo BTG Pactual to acquire a 98% stake in failed lender Banco Mercantil e Industrial do Paraná.
Financial terms of the transaction have not been disclosed.
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In 1998, the central bank of Brazil ordered the liquidation of Banco Mercantil, according to the publication.
At present, the privately owned FGC, as the Brazilian equivalent of the FDIC in the US is known, is Bamerindus’s largest creditor.
Cade statement was quoted by Reuters as saying that BTG Pactual has "a great business options by which it can acquire assets and other credit rights held by Bamerindus that could be used for future credit."
Most recently, BTG Pactual agreed to acquire Italian insurer Generali’s Swiss private bank BSI for CHF1.5bn ($1.68bn).
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