BTG Pactual may have approval to acquire Banif Brazil
BTG Pactual is edging closer towards an acquisition of Banif's banking operations in Brazil. So far, the bank has been waiting for the approval of the Brazilian Credit Guarantee Fund (FGC). Reportedly, a majority of FGC board members approved the purchase on Monday, although this is not yet confirmed.

The Brazilian credit guarantee fund's (FGC) board of directors is expected to give investment bank BTG Pactual the official green light to acquire Banif's banking operations in Brazil.

According to local news outlet Estadão, the majority of the fund's board members approved the purchase during a teleconference on Monday.

The purchase is conditional on BTG's immediate payment of the 2bn reais (US$615mn) it still owes the fund for the bailout it requested in December.

FGC and BTG did not want to comment on the matter.