SocGen Buys Cacique

Société Générale has followed up its first purchase in the Brazilian banking market last year with the acquisition of São Paulo-head quartered bank Cacique. Although the French firm offered no financial details, local media reported a transaction value in the region of $400-430 million (850-900 million reais) for the 100% stake. Banco Cacique specializes in consumer credit. Last March SocGen bought a 70% stake in consumer finance house Banco Pecúnia.