Brazilian lender Bradesco acquires unit of PRA Group

Brazilian lender Bradesco acquires unit of PRA Group

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Chamber Member News Post Date: 10/03/18 Source: Reuters By: Carolina Mandl
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Summary

Brazil’s Banco Bradesco SA (BBDC4.SA) has acquired a 65 percent stake in the Brazilian subsidiary of PRA Group Inc (PRAA.O) for an undisclosed amount, the bank said in a securities filing on Tuesday.

PRA Group is a financial services company specializing in the purchase, collection and management of portfolios of non-performing loans. Its Brazilian subsidiary is RCB

Bradesco said the acquisition would help it improve recovery of non-performing loans and to expand into that market. Read Full Article