BRB Partners with Quadra Capital for Major Asset Divestment
Banco de Brasilia (BRB) signed a deal with Quadra Capital for an investment fund, aiming to transfer assets worth 15 billion reais. The move signals BRB's strategy to bolster its capital. Former CEO Paulo Costa faces legal charges related to Banco Master, now liquidated by Brazil’s central bank.
The Banco de Brasilia (BRB) has inked a memorandum of understanding with Quadra Capital to forge an investment fund designed to handle assets associated with BRB's acquisition from Banco Master, valued at 15 billion reais. This strategic initiative aims to fortify BRB's financial stability and ensue liquidity.
According to the document released on Monday, 3 to 4 billion reais will be exchanged in cash, while the remaining amount will be transformed into subordinated shares within the new fund for asset management and monetization. This development coincides with the arrest of former BRB CEO Paulo Henrique Costa, suspected of engaging in a 146-million-real bribery arrangement benefitting Banco Master.
Banco Master faced liquidation by Brazil's central bank, leading to Costa's judicial removal. His attorney, Cleber Lopes, upholds his innocence. The BRB and Quadra Capital agreement's completion awaits the fulfillment of specified conditions outlined in the memorandum.
Google News