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MeneameBrazilian midsize bank BicBanco has signed a deal to buy Porto Alegre-based finance company Sul Financeira, the bank said in a securities filing.
BicBanco will pay a nominal 1-real to take on Sul Financeira's 92mn reais (US$53.2mn) in negative equity and make it part of its operations, the bank said in a separate statement. BicBanco is not expecting negative impacts in its financial results as a product of the transaction, according to the statement.
Sul Financeira, which provides working capital loans, payroll, social security benefit-linked lending and vehicle financing, works through correspondent agents and has presence throughout the country, the company said on its website without providing financial statements.
BicBanco's third quarter financial results are due on November 11.
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