FED approves BB's purchase of EuroBank

Friday, December 16, 2011

The US Federal Reserve board has approved Brazilian federally controlled Banco do Brasil's (BB) purchase of Florida-based EuroBank, the Fed said in a statement.

BB announced the deal in April this year as part of its strategy to grow abroad.

EuroBank is based in the city of Coral Gables, with US$83mn in assets and some US$81mn in deposits.

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To read the Fed's full statement, go to this link