Government Intervenes in Brazilian Bank

Government Intervenes in Brazilian Bank

Bonds Structured Finance Brazil

Brazil’s central bank has taken control of Banco BVA, it says, after finding violations of industry standards and deteriorating finances. The bank was in need of around BRL1bn ($493m) in capital, according to local news and wire reports, and was unable to find a buyer. The move follows the liquidation of Cruzeiro do Sul last month, and makes BVA the fifth bank seized by Brazilian regulators since 2010. As with Cruziero, the impact on the system is expected to be limited. “This is a small ban

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