BTG Said to Be in Talks to Sell $5.9 Billion Credit PortfolioBy
Partners said to spend weekend in talks with other banks
Firm said to have no short-term debt maturing anytime soon
Grupo BTG Pactual SA is in talks to sell a 22 billion-real ($5.9 billion) credit portfolio to some of Brazil’s biggest banks, one component of the firm’s attempt to unload assets to shore up cash after the arrest of its founder last month, a person with direct knowledge of the matter said.
BTG’s total loan portfolio is 43 billion reais and about half are guarantees that can’t be sold, the person said, asking not to be identified discussing internal matters. Partners of the Sao Paulo-based firm spent the weekend in talks to sell assets including the loan portfolio, the person said, adding that the company has no short-term debt maturing anytime soon, so it can take time to make sure it obtains a fair price for the assets…
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