Banco do Brasil Is in Talks to Buy U.S. Bank, CEO Tells Valor - Bloomberg.com

Banco do Brasil Is in Talks to Buy U.S. Bank, CEO Tells Valor

Dec. 17 (Bloomberg) -- Banco do Brasil SA is in talks to buy the U.S. assets of a foreign bank in distress, Valor Economico reported, citing an interview with Chief Executive Officer Aldemir Bendine.

While Bendine declined to identify the bank, he said it has 14 branches in the U.S., the Sao Paulo-based newspaper reported.

Banco do Brasil is planning also to expand through acquisitions or by opening its own operations in Peru, Colombia, Paraguay, Uruguay, Angola and Mozambique, Valor reported the CEO as saying. In Europe, the bank aims to boost its business through a Vienna-based subsidiary, he said.

Banco do Brasil announced talks to buy a stake in Argentina’s Banco Patagonia earlier this week.

To contact the reporter responsible for this story: Camila Fontana in Sao Paulo at cfontana@bloomberg.net
Last Updated: December 17, 2009 04:47 EST"