Brazil to Liquidate Banco BVA After Attempts to Sell Lender Fail
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Banco BVA SA, the lender controlled by Brazil’s central bank since Oct. 19, will be liquidated after efforts to find a buyer failed.
The bank, with seven branches, accounts for about 0.17 percent of assets in Brazil’s financial system and 0.24 percent of deposits, the central bank said yesterday in a statement. Investors own about $45 million of international bonds issued by the Rio de Janeiro-based lender that would have matured in February 2014, according to data compiled by Bloomberg.