Buyers Line up for Cruzeiro

Buyers Line up for Cruzeiro

Brazil Corporate & Sovereign Strategy M&A

At least 20 banks have been qualified to submit proposals for the purchase of Banco Cruzeiro do Sul’s assets, according to a person familiar with the sale, though any deal is contingent upon a minimum 90% acceptance of an exchange offer expiring September 12. Eligible buyers are Brazilian banks with at least BRL2.5bn ($1.24bn) in assets and able to inject some BRL800m in to Cruzeiro, which was revealed to have a BRL2.24bn shortfall due to fraud. The Fundo Garantidor de Credito (FGC) administerin

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