Brazil's Itau to buy BTG's stake in Recovery for 640 mln reais

December 31, 2015 1:04 PM

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BRASILIA Dec 31 Itaú Unibanco Holding SA agreed to buy a controlling stake in Latin America's largest debt collection agency, Recovery do Brasil, from investment bank Grupo BTG Pactual SA for 640 million reais ($161.64 million), Itau said on Wednesday.

Itau will also purchase about 70 percent of a 38-billion real portfolio of non-performing loans from BTG Pactual for 570 million reais in cash, Itau added in a statement.

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