BTG pactual announces acquisition of controlling interest in the national bank
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BTG pactual announces acquisition of controlling interest in the national bank
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BTG pactual announced its commitment to acquire controlling interest in Banco Nacional, based in Rio de Janeiro, according to a statement released by both banks this Friday (31). The value of the transaction was not disclosed. According to BTG, this acquisition is part of the strategy of its “Special Situations” area, which aims to invest in companies in difficulty with the intention of obtaining future profits.
What are special situations?
BTG in acquisition of control (Photo: reproduction/Forbes)
History of the National Bank
The National Bank, currently in the process of extrajudicial liquidation, informed shareholders and the market that its controlling shareholders have committed to selling to BTG all shares issued by the company that are or will be held by them on the date of completion of the deal.
Founded in 1944 by the former governor of Minas Gerais, José de Magalhães Pinto, and his brother Valdomiro de Magalhães Pinto, Banco Nacional was one of the main private banks in the country until the 1990s. In 1995, the bank underwent intervention by the Central Bank and was sold to Banco Itaú. It was not BTG Pactual's first attempt to try to acquire control of Banco Nacional. The first attempt took place in 2014, but did not go ahead.
Featured photo: BTG Office (reproduction/moneytimes)
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BTG pactual announces acquisition of controlling interest in the national bank
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