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Andbank Brasil to sell its banking licence to Creditas

Andbank and Creditas have signed a strategic agreement that will help both institutions to maximize their growth. Subject to regulatory approvals, Andbank Brasil – a firm specializing in private banking and asset management, present in Brazil since 2011 and with R$8 billion in assets under management – will sell its banking licence to Creditas, a leading fintech platform for secured and specialized financial solutions. After this operation, Andbank will continue operating in the country as a broker dealer (DTVM) and asset management company.

Creditas is acquiring the banking licence of Banco Andbank (Brasil) S.A., a bank that after the approval of a share capital increase, will have R$450 million in equity value.

The deal will allow Andbank to purchase collateralized loans from Creditas. Uniting the advanced credit-underwriting capabilities of Creditas with Andbank’s ability to access investors will provide both companies with more attractive economics and significant avenues for growth.

Carlos Foz, CEO of Andbank Brasil, said, “We will continue to offer the same private banking and asset management service to our clients with the same team of advisors, analysts and investment managers. Following the operation with Creditas, Andbank Brasil will continue with the country’s expansion plan that includes the opening of new offices and new acquisitions”.

PR Newswire

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