Brazil's BTG Pactual buys $266 million in assets from Master's controlling shareholder
SAO PAULO, May 27 (Reuters) - Brazilian investment bank BTG Pactual BPAC11.SA has agreed to buy assets from lender Banco Master's controller Daniel Vorcaro, it said in a securities filing on Tuesday, including real estate, stocks and credit rights.
The deal, which is seen at about 1.5 billion reais ($266 million), was approved by Brazil's central bank and credit guarantee fund FGC, BTG said, adding that Vorcaro has committed to make the funds available to financially troubled Master.
Master has grown rapidly in recent years, driven by a funding model that relies on issuing high-yield debt securities distributed through investment platforms.
The bank controlled by Vorcaro had agreed in March to sell some of its assets to state-run lender BRB. But its funding strategy has come under greater scrutiny amid concerns about the future of its assets not acquired by BRB.
BTG noted in its filing that it is not purchasing any stake in Master or its subsidiaries.
The assets which form part of the deal include Vorcaro's direct or indirect minority stakes in Brazilian listed companies Meliuz CASH3.SA and Light LIGT3.SA, according to BTG.
($1 = 5.6377 reais)
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