Brazil gives additional 120 days to probe fraud at Banco BVA

SAO PAULO, April 4 Thu Apr 4, 2013 4:51pm EDT

SAO PAULO, April 4 (Reuters) - Brazil's central bank appointed a committee to investigate alleged irregularities at seized lender Banco BVA SA for an additional 120 days, giving potential buyers more time to consider acquiring the troubled mid-sized lender.

The central bank had seized Banco BVA, which is based in Rio de Janeiro, on Oct. 19, citing deteriorating financing conditions and a breach of regulations. Regulators at the time had given administrators of the bank 90 days to find a buyer or face liquidation.

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