Brazilian state-owned bank Caixa Economica Federal is in advanced talks to buy a minority stake in Banco Panamericano. The purchase is part of a plan by Caixa, the country's largest mortgage lender, to expand into car loans, the daily newspaper reported.
Caixa would structure the transaction similarly to state-controlled Banco do Brasil's acquisition of a 49.99 percent stake in privately-held Banco Votorantim in January, Brasil Economico added.Panamericano and Caixa didn't return calls seeking comment on the report.
Panamericano, which focuses on paycheck-deductible consumer finance and automobile loans, was among several medium-sized Brazilian banks that suffered a liquidity crunch at the height of the global financial turmoil late in 2008, Brasil Economico said.
Nov 25, 2009
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