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Housing Market Crash

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  1. Home Ownership
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  5. Debt Downgrade
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Banco do Brasil Expects To Announce Acquisition in U.S in May -Banker

Latin America's largest bank in terms of assets, Banco do Brasil SA (BBAS3.BR), is in the final stages of negotiations to acquire a small bank up for sale in Florida, as it seeks to offer more services to the many Brazilians living in that southeastern U.S. state."Banco do Brasil is taking the final steps to acquire City National, and the conclusion of the transaction is expected later this month," a banker involved in the negotiations said in an interview. "The value of the acquisition could be close to $900 million." The banker did not wish to be named.Banco do Brasil has been among bidders for City National since the start of this year. Previous reports said the Brazilian state-run bank was willing to spend $750 million on the deal. However, due to competition with other banks, the Brazilian bank has increased its offer, the banker said.The executive declined to name other banks in the dispute."A top Banco do Brasil executive is in the U.S now to arrange final details of the deal," ...

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