Brazil Pension Giant Said to Shop $606 Million of Bad Home Loans
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Fund provides retirement benefits to Banco do Brasil workers
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Banks Santander and Caixa have also sold loan portfolios
Previ, Brazil’s biggest pension fund, is seeking to sell as much as 2 billion reais ($606.7 million) of distressed real-estate loans, according to three people familiar with the plan.
The fund, which manages the retirement savings of workers from state-controlled Banco do Brasil SA, has approached investors to gauge their interest in the non-performing loans, according to the people, who asked not to be identified because the information is private. Rio de Janeiro-based Previ offers mortgages at subsidized rates to its members.
Previ, which had 160.6 billion reais of assets under management as of March, joins Brazilian banks such as Santander Brasil SA and Caixa Economica Federal in seeking to unload credit portfolios that have already been written down. Firms that specialize in going after debtors are seeing a boom in business as Brazil’s worst recession in more than a century sparks a surge in delinquencies…
Brazil Pension Giant Said to Shop $606 Million of Bad Home Loans
