Itau Retakes Credicard

Itau Retakes Credicard

Brazil M&A

Confirming what had previously been rumored, Itau has agreed to buy Citigroup's Brazilian consumer finance units for BRL2.77bn ($1.37bn), it says, extending the bank's leading position in the country's growing credit card market. Itau beat out other contenders for the asset including Santander and Bradesco. At the time the transaction was rumored, analysts saw the price at roughly 16-17x price/2012 earnings, considering only the card business. This compared to Itau’s 11-12x. “Although the expect

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