Fitch Puts BFC on Ratings Alert Positive

Bnamericas Published: Monday, March 22, 1999
Credit rating agency Fitch IBCA has placed its national short- and long-term ratings of Brazil's Banco FonteCindam (BFC) on positive alert after a March 12 announcement that Banque Nationale de Paris Brasil had reached an agreement to acquire 80% of BFC's share capital. Under terms of the Banque Nationale de Paris agreement, BFC's remaining 20% share capital will stay in the hands of existing shareholders, the most important of whom are Roberto Steinfeld and Fernando Carvalho. The bank's name will be changed to BNP FonteCindam. Brazil's Central Bank has approved the transaction, which is expected to be completed shortly. The new entity forecasts to continue BFC's core business of asset management, advisory services and proprietary trading, at least in the short-term, Fitch IBCA said in a statement.

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