Feb 9 β€’ 09:00 UTC πŸ‡§πŸ‡· Brazil Folha (PT)

BRB negotiates with BTG and other private banks for sale of assets purchased from Master

BRB is negotiating the sale of credit portfolios from Banco Master to major private banks in Brazil, including BTG Pactual.

BRB (Banco de BrasΓ­lia) is actively negotiating the sale of credit portfolios acquired from Banco Master to some of Brazil's largest private banks, which prominently features BTG Pactual led by AndrΓ© Esteves. This market-driven solution is part of a strategy outlined in a plan submitted to the Central Bank that aims to recover losses incurred from dealings with Banco Master, managed by Daniel Vorcaro.

As reported by Folha, there are currently four financial institutions interested in purchasing the assets from BRB. One of these banks reportedly has shown strong interest in proceeding with the acquisition, although specific details remain confidential. An anonymous source mentioned that BTG is evaluating the deal and is considering all portfolios available, including those generated by BRB itself alongside those from Banco Master.

The potential sale comes at a critical time for BRB as it seeks to stabilize its operations following financial setbacks related to Banco Master transactions. The interest from BTG shows the allure of these assets, particularly those deemed of good quality, hinting at a possible consolidation within the Brazilian banking sector as institutions look to fortify their portfolios amid economic challenges.

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