October 2, 2018 / 1:27 PM / a year ago

Brazilian lender Bradesco acquires unit of PRA Group

The logo of Banco Bradesco is seen on a branch in Osasco financial centre, Brazil, August 3, 2015. REUTERS/Paulo Whitaker/File Photo

SAO PAULO (Reuters) - Brazil’s Banco Bradesco SA (BBDC4.SA) has acquired a 65 percent stake in the Brazilian subsidiary of PRA Group Inc (PRAA.O) for an undisclosed amount, the bank said in a securities filing on Tuesday.

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

Investimentos SA.

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

Other Brazilian banks such as Itaú Unibanco Holding SA (ITUB4.SA), Banco BTG Pactual SA (BPAC3.SA) and Banco Santander Brasil SA (SANB11.SA), have all announced deals in the non-performing loans segment in recent years.

Reporting by Carolina Mandl; Editing by Susan Thomas

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