Brazilian Bank Follows Consumers into the U.S.

by Mercator Advisory Group 0

Banco do Brasil, Latin America’s largest bank by assets, plans to expand its operations in the U.S. as the number of Brazilian increases in the country.

The rapid internationalization of Brazil’s economy over the past decade is leading Banco do Brasil to look overseas for growth opportunities. Chief Executive Aldemir Bendine said last month that the bank wants to increase its presence in Europe, Africa and Latin America to offer funding and advisory support for Brazilian companies operating there.

The bank just acquired Florida-based lender EuroBank and said it expects to have up to 20 branches in the U.S. within five years.

Although the focus remains in growing organically in the world’s largest economy, “acquisitions can’t be ruled out at all.”

The U.S. is not the only international market that Banco do Brazil is looking at.

The rapid internationalization of Brazil’s economy over the past decade is leading Banco do Brasil to look overseas for growth opportunities. Chief Executive Aldemir Bendine said last month that the bank wants to increase its presence in Europe, Africa and Latin America.

Read the original story here: http://www.reuters.com/article/2011/…21286520110425