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Itaú agrees to acquire Banco BMG's 40% stake in payroll lending JV

Itaú Unibanco HoldingSA has reached an agreement to purchase Banco BMG SA's entire 40% stake in Banco Itaú BMG ConsignadoSA, a payroll lending joint venturebetween Itaú and Banco BMG.

Itaú will pay about 1.28 billion Brazilian reais to gain fullcontrol of the venture, and the price will be adjusted for variations in annualinterbank lending rate CDI starting on Dec. 31, 2015, until the deal's completion,Itaú said in a Form 6-K.

The transaction is subject to certain conditions, including thereceipt of applicable regulatory approvals.

The two companies will remain partners through a new, exclusivecommercial agreement for the distribution of Banco Itaú BMG's payroll loans throughdistribution channels linked to Banco BMG and its affiliates.

As of Aug. 31, Banco Itaú BMG Consignado's total loan portfoliostood at approximately 29.0 billion reais.

The deal, which is in line with Itaú Unibanco's strategy to growin less-risky credit segments that offer attractive profitability, will not havea material impact on the company's 2016 results, according to the filing.

As of Sept. 29, US$1 wasequivalent to 3.22 Brazilian reais.