SocGen Buys Brazil Stake

Société Générale has bought the controlling stake in Brazilian consumer credit firm Banco Pecunia. The French bank acquired 70% of Pecunia while Portugal’s Tecnicredito bought the remaining 30%. SocGen sees great potential in Brazil’s growing consumer credit market and targeted Pecunia for its broad reach: the company distributes locally via 1,200 retail outlets and 1,800 car dealerships.