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Latin America's largest bank, Brazil's federally controlled Banco do Brasil (BB), is entering the US banking market through the acquisition of Florida-based EuroBank for US$6mn, BB said in a statement.
Earlier this month, BB announced it was in talks to purchase the US bank, which has three branches, in the cities of Coral Gables, Pompano Beach and Boca Raton. The bank primarily serves North American, Portuguese and Hispanic customers, and a small number of Brazilians, the statement said.
At the end of last year, EuroBank had US$102mn in assets, a loan portfolio of US$74.8mn and US$91.4mn in deposits.
The new acquisition is part of BB's internationalization strategy and will allow it to offer retail banking products to Brazilian and Hispanic communities in the US.
In 2009, BB launched a remittances company in the US called BB Money Transfers. And in April last year, it received approval from the US Federal Reserve to operate as a bank holding company in the country, which paved the way for its search for acquisition targets among US banks.
The deal is subject to regulatory approval from Brazilian and US regulators.