J&F, the holding company that of JBS SA that is owned by the Batista family, bought Brazilian family-run bank Matone. The group already owns Banco JBS, which focuses on financing cattle ranchers, Reuters reports. The two banks will be merged, creating a financial institution with a credit portfolio of around 2.5 billion reais ($1.5 billion), a JBS spokesman said.

"We are expanding our operations and will begin acting in a new market. We will continue to be a bank with operations in agribusiness and now also in retail," said J&F's President Joesley Batista, in a statement.

Source: Reuters