Photo: Banco do Brasil
Latin America’s largest bank in terms of assets, Banco do Brasil is confirming it is in talks to acquire U.S.-based bank Eurobank.
Brazil’s government owned, Banco do Brasil is confirming earlier reports that it was in advanced negotiations to acquire the Eurobank that has branches throughout Florida.
This acquisition is part of the banks overall strategy to expand its international operations with a special focus on the U.S. Last year the bank was able to obtain permission from the Federal Reserve to operate a retail bank here and now maintains offices in New York and two other U.S. cities.
Banco do Brasil however is also looking to expand in other Latin American countries; announcements on pending acquisitions in the region are expected later this year. Last year the bank acquired a majority 51% stake in Argentina’s Banco Patagonia S.A.