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BTG confirms talks to acquire Banif's Brazilian assets

BTG PactualGroup confirmed that it has submitted a nonbinding offer topurchase Portugal-based Banif-Banco Internacional do Funchal SA's Brazilianassets, which include Banif -Banco Internacional do Funchal (Brasil) SA.

The offer has been accepted by the Portuguese bank'sshareholders, BTG said in a statement, adding that the final terms of thepotential deal have not yet been agreed.

The transaction, if completed, will represent less than 0.5%of BTG's total assets, according to the statement.

The confirmation from BTG follows of the Brazilian bank signing amultiphase deal to eventually acquire Banif Brasil. The deal could reportedlyhelp BTG repay a 6 billion Brazilian reais credit line it obtained in 2015 amida liquidity crisis following the arrest of former CEO André Esteves.

At the same time, the deal would reportedly present Banifwith a long-awaited opportunity to exit the Brazilian banking sector.

As of July 11, US$1was equivalent to 3.30 Brazilian reais.