Finance
Brazilian Lender Banco BV Closes Brokerage, Transfers Clients
- Customers moved to Bradesco in joint-venture push, bank says
- Lender had 21% decline in recurring net income last year
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Banco BV SA, a midsize lender in Brazil, closed its brokerage firm and transferred clients to Banco Bradesco SA as part of an integration into a joint venture.
Customers of Banco BV - DTVM, which traded equities, futures and fixed-income products, are now being served by Agora Securities, Bradesco’s brokerage for individual investors, Banco BV said in a statement. The change is part of the “strategic plan” traced by the two banks for its joint venture, called Tivio Capital, according to the statement.