September 11, 2012 / 7:01 PM / 7 years ago

STXNEWS LATAM-Shares of Brazil lender Cruzeiro soar ahead of key deadline

Shares of Banco Cruzeiro do Sul, the Brazilian consumer lender seized by the central bank in June, rose nearly 20 percent on Tuesday, one day before deposit guarantee fund FGC is scheduled to decide whether to liquidate the bank or sell it to a rival.

The bank failed to receive firm takeover bids last week as concern over a potential liquidation is scaring clients and potential buyers alike, according to local media reports on Monday.

At 3:46 p.m. (1846 GMT), shares of Cruzeiro do Sul were up 19.38 percent to a bid price of 1.91 reais after reaching as high as 2.04 reais earlier in the session. (editing by Andrew Hay)

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