Safra Bank has announced the acquisition of Fosun-controlled Guide Investimentos platform, expanding its presence in the investment market, according to a statement released on Tuesday evening.
According to the bank, Guide has about 20 billion reais in assets under custody. The value of the deal was not disclosed.
Safra said his goal is to accelerate Guide’s growth across all business areas – covering the investment advisory, asset management, institutional brokerage and wealth management office segments – by bringing in capital, expertise and expanding the offering of products and services for customers.
Completion of the transaction is still subject to obtaining the necessary regulatory approvals, it added.
Safra received financial and legal advice from Banco J. Safra and the Spinelli Advogados and Vieira Rezende Advogados firms respectively, while Pinheiro Neto Advogados advised Fosun.
Source: Terra
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