Banco do Brasil says Cielo venture to boost profit by $1.2 bln

viernes 16 de enero de 2015 07:43 GYT

RIO DE JANEIRO Jan 16 (Reuters) - Banco do Brasil SA, Brazil's largest bank by assets, on Friday said it would get a 3.2 billion reais ($1.2 billion) boost to its bottom line from a joint venture with card payment processor Cielo SA.

In a securities filing, Banco do Brasil said it was able to reverse the central bank's decision that prevented it from recording accounting gains from the venture's intangible assets.

Banco do Brasil said it provided new information to the central bank, which then changed its position.

The bank affirmed its estimates for a 3.2 billion reais benefit to net profit.

Banco do Brasil in November announced the 11.6 billion reais joint venture to run its card business with Cielo.

($1 = 2.64 Brazilian reais) (Reporting by Walter Brandimarte; Editing by Lisa Von Ahn)