Deposit insurance fund liquidates loan book bought during crisis

Bnamericas Published: Monday, October 26, 2009
Brazilian banking deposit insurance fund FGC has sold off its loan book purchases made during the heart of the international financial crisis, local media quoted the group's executive director, Antonio Carlos Bueno de Camargo e Silva, as saying. In total, FGC came away with 8.5-9bn reais (US$4.97bn-5.27bn) in loan books from October last year to March this year, after getting permission and special incentives to make purchases from central bank BCB, according to the executive director. FGC also had a separate loan book purchase program worth 2.6bn reais, which it sold to Bradesco (NYSE: BBD) last week, local daily Valor Econômico reported. The purchases by FGC - a non-profit private sector entity controlled by Brazil's largest banks - were aimed at giving banks additional liquidity during the crisis.

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