Bloomberg News

Votorantim Bank to Get Capital of $1.5 Billion, O Estado Reports

May 26, 2012

Banco do Brasil SA and the Ermirio de Moraes family may invest 3 billion reais ($1.5 billion) in Banco Votorantim SA after higher bad-loan provisions, O Estado de S. Paulo reported, without saying how it got the information.

Banco do Brasil and the Ermirio de Moraes family, which share control of Votorantim, plan to invest 2 billion reais this year, with the remainder to be added next year, the Sao Paulo- based newspaper said. Each shareholder would contribute half of the amount in a private placement, O Estado said.

Banco do Brasil declined to comment, the newspaper said. The Ermirio de Moraes family told O Estado in an e-mailed statement that it is prepared for a capitalization of the unit.

To contact the reporter on this story: Francisco Marcelino in Sao Paulo at mdeoliveira@bloomberg.net

To contact the editor responsible for this story: Sylvia Wier at swier@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus