Expansion of Banco do Brasil may include Angola

31 August 2009

Rio de Janeiro, Brazil, 31 Aug – the international expansion of Banco do Brasil (BB) may include Angola, according to Brazilian newspaper, O Globo, which reported, however, that the bank’s priority would be to focus on the Americas.

According to the paper, after last year buying several financial institutions in Brazil, the semi-public bank is no considering repeating that process abroad.

On the African continent, O Globo said, the bank’s interest is in Portuguese-speaking African countries such as Angola.

In Asia, the bank’s board has already decided to open a BB Securities in 2010, focused on financial market investments.

“If it does not grow abroad, within 10 years BB will be smaller than it is today,” the vice president for International Business of Banco do Brasil, Allan Simões Toledo told the paper, noting that currently there were practically no acquisition opportunities left in Brazil itself. (macauhub)