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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.