Brazilian lender Banco Daycoval SA said on Friday that a shareholder assembly had approved a buyout plan by its controlling shareholders, according to a securities filing.
The bank said it had hired Banco Santander Brasil SA to advise on the deal.
The Dayan family, which owns 72 percent of Daycoval, presented a plan to delist the company last month, buying out minority shareholders for about 623 million reais ($ 186 million).
The bank, which provides corporate and banking services, is the latest company to delist from the São Paulo Stock Exchange as a severe market downturn gives controlling shareholders the opportunity to eliminate the cost of having a company listed.
($ 1 = 3.36 Brazilian reais) (Reporting by Brad Haynes; Editing by Ken Wills)