October 2, 2018 / 6:40 PM / a year ago

UPDATE 1-Brazil lender Bradesco acquires PRA Group unit for $57.3 mln -source

(Adds deal value, picture)

SAO PAULO, Oct 2 (Reuters) - Brazil’s Banco Bradesco SA has acquired a 65 percent stake in the Brazilian subsidiary of PRA Group Inc for 224 million reais ($57.3 million), a source with knowledge of the matter told Reuters on Tuesday.

Early on Tuesday, Bradesco announced the acquisition, but it did not disclose the deal’s value.

PRA Group is a financial services company specializing in the purchase, collection and management of portfolios of non-performing consumer loans. Its Brazilian subsidiary is RCB Investimentos SA.

Bradesco said in a securities filing that the acquisition would help it improve recovery of non-performing loans and expand into that market.

Other Brazilian banks such as Itaú Unibanco Holding SA , Banco BTG Pactual SA and Banco Santander Brasil SA have all announced deals in the non-performing loans segment in recent years. ($1 = 3.9097 reais) (Reporting by Aluisio Alves and Carolina Mandl Editing by Susan Thomas and Steve Orlofsky)

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