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Banco do Brasil purchases loan portfolio from Votorantim for 593M reais

Banco do Brasil SA bought a loan portfolio from Banco Votorantim SA for 593.8 million reais, according to a securities filing.

The agreement, reached Dec. 14, include the assignment of credit rights with retention of risks and benefits.

Banco Votorantim is a 50-50 partnership between Banco do Brasil and Votorantim SA., one of the largest industrial conglomerates in Latin America.

As of Dec. 25, US$1 was equivalent to 3.90 Brazilian reais.