Brazil's Itaú confirms loan purchases from rival BTG Pactual
SAO PAULO Dec 16 (Reuters) - Itaú BBA SA, Brazil's largest wholesale and investment bank, purchased an unspecified amount of loans from rival Grupo BTG Pactual SA, which accelerated asset sales following the arrest of founder André Esteves.
Itaú BBA Chief Executive Officer Candido Bracher said at an event in São Paulo that inflows of client money that has presumably left BTG Pactual in recent weeks, has come "in line with our size and market share."
The loan sales follow the arrest of Esteves, who founded BTG Pactual, in a corruption probe last month. BTG Pactual, Latin America's No. 1 independent investment bank, is rushing to sell assets and pools of loans to rivals to shore up cash holdings and restore investor confidence. (Reporting by Tatiana Bautzer and Aluísio Alves; Editing by Guillermo Parra-Bernal)
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