Brazil’s biggest non-government bank, Itaú Unibanco, has acquired a 49% stake in the local finance arm of Carrefour, Financial Times reports. The bank will pay $459 million for the stake in the French retailer’s unit. Itaú outbid Banco Bradesco, Banco do Brasil and Santander Brasil, adds Reuters. The deal, which requires approval from the central bank, will allow Itaú to back the credit services offered in Carrefour’s Brazilian stores, which hold a total of 7.7 million accounts and a loan portfolio of $1.42 billion.
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