| Bradesco Bank Acquires Retail Chain’s Consumer Finance Unit |
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Bradesco, Brazil’s second-largest private sector bank, announced Friday that it has acquired Banco Ibi, the consumer finance arm of nationwide clothing retailer C&A.
Bradesco, which paid 1.4 billion reais ($700 million) worth of its own shares in the deal, also reached a 20-year agreement with C&A to allow it to offer financial products and services to the retailer’s customers across its 303-store network.
Ibi finances sales at C&A stores by providing exclusive credit cards and also offers insurance, personal loans and personal savings services.
Ibi had more than 30 million credit card customers at the end of last year and generated 9.9 billion reais ($4.95 billion) in revenues in 2008.
Bradesco already had close to 35 million credit card customers prior to the deal, its first major acquisition since the merger last November of Itau and Unibanco created Latin America’s largest private bank.
Prior to that merger, Bradesco had been Brazil’s largest private bank. EFE. |
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