trending Market Intelligence /marketintelligence/en/news-insights/trending/q_P5Qr7gOIKs0TC1Riwp5g2 content esgSubNav
In This List

Itaú Unibanco acquires 40% of Banco Itaú BMG to launch payroll loan JV

Blog

Commercial Banking: June 22nd Edition

Blog

Commercial Banking Newsletter June Edition - 2022

Podcast

Street Talk | Episode 96: Considering recession risks, prospects that the Fed achieves a 'soft landing'

Case Study

Actions to Reduce Emissions at an Asian Financial Services Firm


Itaú Unibanco acquires 40% of Banco Itaú BMG to launch payroll loan JV

Itaú Unibanco Holding SA has completed its acquisition of a 40% stake in payroll lender Banco Itaú BMG Consignado SA for 1.46 billion Brazilian reais, the bank said in a statement.

The deal is part of a joint venture launched between Itaú and Banco BMG SA to offer and commercialize payroll loan services throughout Brazil.

The deal was considered a credit positive for BMG by Fitch Ratings when the purchase agreement was announced in September.

As of Dec. 27, US$1 was equivalent to 3.28 Brazilian reais.