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Brazil central bank OKs Fosun's purchase of Guide Investimentos

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Brazil central bank OKs Fosun's purchase of Guide Investimentos

Banco Central do Brasil on Aug. 8 approved China's Fosun International Ltd. acquisition of Guide Investimentos SA Corretora de Valores from Brazilian lender Banco Indusval SA.

The deal now awaits a special approval from Brazil's monetary council CMN and a presidential decree, which will decide if the foreign company can enter the financial sector of the Latin American country, according to an Aug. 10 statement from Indusval.

The companies signed an agreement in February that would see Fosun buy Guide, an institutional brokerage and wealth management company, for 170 million Brazilian reais initially, plus an additional 120 million reais depending on the company's future performance.

As of Aug. 9, US$1 was equivalent to 3.81 Brazilian reais.