Brazil-based Wiz Soluções e Corretagem de Seguros SA entered into an agreement involving the operation of real estate-backed credit, also known as home equity loans, with investment company Galapagos Capital Investimentos e Participações Ltda.
The agreement consists of the structuring of credit operations as well as their distribution, commercialization and after-sales, Wiz said in a statement.
Under the partnership, Wiz will handle the distribution and commercialization of the products while its subsidiary, Wiz BPO Serviços de Teleatendimento Ltda., will be in charge of back-office services and product conception.
Meanwhile, Galapagos Capital will manage the financial structuring of the products and provide funding to enable lending to clients.
The agreement also involves the creation of a special-purpose company to explore opportunities for home equity loans.
The transaction does not need approval from any government body, according to Wiz.
