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BTG Pactual pays 211M reais to purchase bad debt from Banco BVA

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BTG Pactual pays 211M reais to purchase bad debt from Banco BVA

BTG Pactual Group paid 211 million Brazilian reais to purchase bad debts from the failed Brazilian bank Banco BVA S.A. in an auction Oct. 4, Valor Econômico reported.

The assets amounted to about 2.3 billion reais in face value, according to the publication.

BTG Pactual's purchase reportedly represented a 14% goodwill over the minimum price of 184.6 million reais.

As of Oct. 4, US$1 was equivalent to 3.13 Brazilian reais.