SAO PAULO--The focus for any overseas acquisitions by Brazil's
government-run Banco do Brasil will be other countries in Latin
America as well as the U.S., the bank's vice president for finance
said Wednesday.
"We are always looking at overseas possibilities [for
acquisitions]," said Banco do Brasil Vice President for Finance
Ivan Monteiro at a news conference. "The Latin America market and
the U.S. market are priorities within our strategy and we are
always examining possibilities in these two markets."
The first major step by Banco do Brasil outside Brazil was in
2010, when the bank bought control of Argentina's fourth largest
bank, Banco Patagonia. Banco do Brasil executives have said they
want international operations to account for 15% of revenues within
the next few years, about double the current level.
In 2012, Banco do Brasil paid $6 million to purchase a small
bank in Florida called Eurobank. The objective is to serve
Brazilians living in Florida.
More recently, Banco do Brasil has expressed interest in
purchasing another Florida-based bank called City National Bank of
Florida, currently owned by Spain's Bankia SA (BKIA.MC).
Write to Rogerio Jelmayer at rogerio.jelmayer@dowjones.com