PRINT THIS PAGE Advent International to acquire Uruguay's Nuevo Banco Comercial in $167m private equity deal07/09/2005. Source: AltAssets. 
 Advent International has agreed to acquire Uruguayan commercial bank Nuevo Banco Comercial from the Uruguayan government in a $167m deal.
As lead investor Advent has arranged and is managing a syndicate of co-investors, including Morgan Stanley Alternative Investment Partners and two of Europe's largest development banks, the Netherlands Development Finance Company and DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH.
NBC provides banking services, including corporate and personal loans, credit cards, car loans, and export and import finance, to over 200,000 retail and corporate customers. The company has close to $1bn in assets and a net worth of $176m.
NBC was formed by the Uruguayan government in December 2002 through the acquisition of assets from three banks that had been suspended during the country's 2001/2002 banking crisis: Banco Comercial, Banco de Montevideo and Banco Caja Obrera.
Ernest Bachrach, chief executive of Advent's Latin American operations, said, 'NBC is an excellent, well-managed institution, having been formed by combining the best assets of three of Uruguay's largest banks.'
'The bank has a solid balance sheet and excellent prospects for growth. We look forward to working with management to develop NBC's product lines, improve profitability and continue driving loan portfolio growth,' Bachrach continued.
In addition to NBC, Advent's Latin American investments include Consultorķa Internacional, a Mexican provider of currency exchange services; DolEx Dollar Express, an electronic money transfer firm, acquired by Global Payments; CSU CardSystem, a Brazilan independent credit card administrator; and Proservvi, a Brazilan provider of back-office processing services for financial institutions.
Advent has $10bn in cumulative capital raised and offices in 13 countries across Europe, North America, Latin America and Asia Pacific.
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