BRASIL: Banco do Brasil Tiptoes Into USA Expansion...With Florida EuroBank Purchase.

M.PRESS /

      Very cautiously, Banco do Brasil is moving into the US market.
      It has announced the purchase of Florida's EuroBank...for $6 mn usd.
      EuroBank has three branches in Florida--Coral Gables, Boca Raton and Pompano Beach and total assets of $102.1 million with a credit portfolio of $74.8 mn usd.
     It must be approved by U.S. and Brasil authorities.
    “In five years, we want to have 20 branches in the US”, said VP Allan Toledo. “We will invest close to $25 million [to do so].”