Brazilian financial institution to buy US bankApril 26th, 2011 - 12:01 pm ICT by IANS
Rio de Janeiro, April 26 (IANS/EFE) State-run Banco do Brasil, Latin America’s largest financial institution by assets, announced Monday a deal to purchase Florida-based EuroBank for $6 million.
The transaction is subject to approval by both US and Brazilian regulators.
EuroBank has branches in the South Florida cities of Coral Gables, Pompano Beach and Boca Raton. The institution had $102.1 million in assets and a loan book of $74.8 million at the end of 2010.
“The acquisition of EuroBank contributes to Banco do Brasil’s business expansion in the US and allows it to act in that country’s retail market, focusing on meeting Brazilian and Hispanic communities’ needs,” the Brazilian bank said.
News of the EuroBank deal comes three weeks after Banco do Brasil won final approval from Argentine regulators for the $479.6 million acquisition of 51 percent of Banco Patagonia S.A., Argentina’s 10th-biggest bank.
Banco do Brasil says it remains on the lookout for possible opportunities abroad, given that consolidation of Brazil’s domestic banking sector is largely complete.
Last year, Banco do Brasil and Brazil’s Bradesco entered a strategic partnership with Portugal’s Banco Espiritu Santo to operate jointly as a commercial bank in Africa.
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