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Banco Cruzeiro do Sul to buy 88.7% stake in Banco Prosper for R$55m

Banco Cruzeiro do Sul, a Brazil-based provider of commercial banking services, has agreed to acquire 88.7% of Banco Prosper's capital stock for R$55m.

Banco Prosper, established in 1991, is a multiple-service bank with a presence in Sao Paulo, Rio de Janeiro and Salvador which operates in the commercial, credit, financing and investment segments and has a license to deal on the FX market.

Banco Cruzeiro do Sul said that the transaction is in line with its strategy of actively participating in the
consolidation of the Brazilian financial market.

The acquisition is subject to the authorization of the Brazilian Central Bank.

Banco Cruzeiro do Sul offers credit, investment, brokerage and consulting services, as well as a range of financial products and public bond market intermediation and loans.