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Sunday 31 January 2016
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Financial Stocks in Review: Itau Unibanco Holding (NYSE:ITUB), Paypal Holdings (NASDAQ:PYPL), American Express (NYSE:AXP)

Financial Stocks in Review: Itau Unibanco Holding (NYSE:ITUB), Paypal Holdings (NASDAQ:PYPL), American Express (NYSE:AXP)

During Wednesday’s trade, Shares of Itau Unibanco Holding SA (ADR) (NYSE:ITUB), lost – 1.15% to $52.29.

Itau Unibanco Holding S.A. ITUB, one of the largest banks by assets in Brazil has inked a deal to acquire the struggling investment bank, Banco BTG Pactual S.A.’s entire stake in debt collection company – Recovery do Brasil Consultoria S.A.

According to a statement released on Thursday, after obtaining regulatory approvals Itau Unibanco will pay R$ 640 million ($162 million) for BTG Pactual’s 81.94% stake in Recovery.  Further, Itau Unibanco will acquire about 70% of BTG Pactual’s R$ 38 billion portfolio of non-performing loans for R$ 570 million ($144 million).

Recovery, which was founded in Argentina in 2000 and has presence in Brazil since 2006, is a major player in delinquent credit portfolio administration and administration. The World Bank’s private investment wing – The International Finance Corporation – and the company’s senior administration will retain their minority stakes in Recovery.

BTG capital is offloading assets to boost liquidity and gain client confidence after it went into trouble following the arrest of its founder and former chief executive officer André Esteves on Nov 25. Esteves, who was charged with obstruction of justice and interference in the investigation in a corruption case involving the Brazilian state-run energy giant Petrobras, denied any wrongdoing and is presently under house arrest.

Itaú Unibanco Holding S.A. provides various financial products and services to individuals and corporate clients in Brazil and internationally. The company operates through Commercial Bank – Retail, Consumer Credit – Retail, and Wholesale Bank segments.

Paypal Holdings Inc (NASDAQ:PYPL)’s shares dropped – 1.69% to $33.76.

Digital payments leader PayPal Holdings, Inc. (PYPL), a truly global payments platform, will visit the Nasdaq MarketSite in Times Square. In honor of the occasion, John McCabe, SVP, Global Operations of PayPal will ring the Closing Bell.

Where:

Nasdaq MarketSite – 4 Times Square – 43rd & Broadway – Broadcast Studio

When:

Tuesday, January 5, 2016 – 3:45 p.m. to 4:00 p.m. ET

PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants worldwide. It enables businesses of various sizes to accept payments from merchant Websites, mobile devices, and applications, in addition to at offline retail locations through a range of payment solutions across company’s payments platform, counting PayPal, PayPal Credit, Venmo, and Braintree products.

American Express Company (NYSE:AXP)‘s shares dipped – 2.07% to $64.89.

American Express Company (AXP) plans to host a live audio webcast of its earnings conference call at 5:00 p.m. (ET) on Thursday, January 21, 2016 to discuss fourth quarter and full-year 2015 financial results. The company’s financial results are planned to be declared shortly after the market closes that day.

The live audio webcast will be accessible to the general public through the American Express Investor Relations website at http://ir.americanexpress.com. Earnings presentation materials will be posted on the website before the conference call and an audio replay will be available on the website following the call.

American Express Company, together with its auxiliaries, provides charge and credit payment card products and travel-related services to consumers and businesses worldwide. The company operates through four segments: U.S. Card Services, International Card Services, Global Commercial Services, and Global Network & Merchant Services.