WorldVest, a merchant bank, has has accepted a Letter of Intent form a strategic financial partnership with a Brazilian retail company (the Retailer). It has been reported that based on current performance of the Retailer’s consumer finance division, this transaction is expected to immediately bring consolidated revenue and earnings to WorldVest.
WorldVest has agreed to deploy up to $150 million annually through its Banco WorldVest International subsidiary beginning on October 1, 2009 in order to finance 100% of the consumer installment contracts generated within the Retailer’s stores.
Garrett Krause, CEO of WorldVest, said: This strategic financial partnership marks a seminal event in the short history of WorldVest and reflects the fruit of more than 18 months worth of effort by our entire team. We are extremely pleased to have such a strong Brazilian organization as our first partner to be financed by our new Banco WorldVest International subsidiary and believe that this partnership represents a truly outsized opportunity, immediately positioning WorldVest to reach significant profitability and create increased value for our shareholders.
