Cruzeiro Considers Sale

Brazil’s Banco Cruzeiro do Sul is in discussions about “strategic alternatives for its businesses,” it says. Nothing binding has come out of any discussions. As with other mid-sized Brazilian lenders, the bank has seen debt funding become a bit more complicated, particularly in the international markets. Moody’s lowered Cruzeiro to B2 from Baa3 with a negative outlook in April. BTG Pactual, which took over troubled lender Panamericano in 2010, has been floated as a possible buyer.