雅虎香港財經 Brazilian Lender Banco BV Closes Brokerage, Transfers Clients
(Bloomberg) -- Banco BV SA, a midsize lender in Brazil, closed its brokerage firm and transferred clients to Banco Bradesco SA as part of an integration into a joint venture.
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Customers of Banco BV - DTVM, which traded equities, futures and fixed-income products, are now being served by Agora Securities, Bradesco’s brokerage for individual investors, Banco BV said in a statement. The change is part of the “strategic plan” traced by the two banks for its joint venture, called Tivio Capital, according to the statement.
Tivio was founded in March 2023 shortly after Bradesco completed the purchase of 51% of the asset-management and private-banking arm of Banco BV, formerly known as Banco Votorantim SA. Sao Paulo-based Tivio currently has roughly 30 billion reais ($6 billion) under management, according to its LinkedIn page. That’s about 5 billion reais less than was shown on the page in January.
Read More: Asset Manager in Brazil Cuts About 20 Jobs Amid Restructuring
Banco do Brasil SA, the second-biggest Brazilian bank by market value, holds 50% of the capital of Banco BV, with Votorantim Financas SA owning the rest.
Banco BV’s recurring net income was 1.154 billion reais last year, down 21% from 2022. Its return on equity, a measure of profitability, was 9.1%, below the basic interest rate Selic. The bank has 142.7 billion reais in assets.
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