World Economy

Brazil Banks to Buy Citi Stake

Brazil Banks to Buy Citi StakeBrazil Banks to Buy Citi Stake

Brazilian lenders Banco Bradesco and Banco do Brasil are in talks to buy Citigroup’s stake in a credit card processing joint venture with Elavon Inc, a source with knowledge of the negotiations said, Reuters reported. The acquisition could be closed next month by Bradesco and Banco do Brasil’s holding company Elo Participaç?es, the source said, asking not to be named because the discussions are confidential. Representatives for Bradesco, Banco do Brasil and Citigroup declined to comment on the talks, which were first reported in Saturday’s edition of Estado de S. Paulo.