Brazilian lender Bradesco acquires unit of PRA Group
SAO PAULO, Oct 2 (Reuters) - Brazil's Banco Bradesco SA has acquired a 65 percent stake in the Brazilian subsidiary of PRA Group Inc for an undisclosed amount, the bank said in a securities filing on Tuesday.
PRA Group is a financial services company specializing in the purchase, collection and management of portfolios of non-performing loans. Its Brazilian subsidiary is RCB Investimentos SA.
Bradesco said the acquisition would help it improve recovery of non-performing loans and to expand into that market.
Other Brazilian banks such as Itaú Unibanco Holding SA , Banco BTG Pactual SA and Banco Santander Brasil SA, have all announced deals in the non-performing loans segment in recent years. (Reporting by Carolina Mandl Editing by Susan Thomas)
