Banco do Brasil, WestRand Form Car Finance JV

Banco do Brasil and South Africa’s FirstRand are creating a new financial institution to focus on car loans in Brazil. The Brazilian bank plans to invest BRL980m in the new venture that is expected to start operations in the first half of 2009. BdB will own 73.5% of the new institution and FirstRand the rest, according to BdB. The Brazilian bank expects the new venture to control a 20% share of the Brazilian car loan market in 8 years, it says.