Brazil’s Leading Bank Poised to Buy Rescued Banks in the US and UK

Itaú Unibanco Itaú-Unibanco, Brazil’s leading private banking institution denied London press reports it was interested in block-buying into UK banks that were saved from collapse in 2008 by the British government, as well as banks in other countries including United States, but admitted an interest in shares.

The news was published by the Sunday Times quoting Pedro Malan, a former Brazilian Finance minister and currently president of the Itaú-Unibanco international consultants board.

The Royal Bank of Scotland and the Lloyds Banking Group, two of the UK’s largest banks are apparently the Brazilian banking group targets.

However according to a release from the bank, there are no negotiations for the formal acquisition of these institutions, but rather purchasing shares as the UK government decides to sell them beginning this year, as was anticipated in 2009.

Sunday Times added that Itaú-Unibanco plans for the British market still need some ironing out in the coming months. The British government has a 84% participation in RBS and 43% in Lloyds.

However Malan admits two factors have to be considered before a final decision as to future undertakings: one is that uncertainties remain in the global scenario and two, presidential elections in Brazil in the second half of 2010.

“We are considering and evaluating. Of course we are evaluating”, Malan is quoted in the Sunday Times. “But we are not in a hurry. We believe we have plenty of time before coming to a decision.”.

Malan is also quoted saying that Itaú-Unibanco is looking for possible agreements in other countries including United States, since the group is interested in having a global presence.

Mercopress

Tags:

You May Also Like

In Brazil, Monsanto and Syngenta Lead Farm Model that Destroys Indians and Environment

The approval of Brazil's Provisionary Measure 422 (Medida Provisória (MP) 422) by the Brazilian ...

Brazil Vows to Keep Fighting First-World Trade Barriers

The trade barriers that need to be overcome and the effort required to reach ...

Brazil Senate Expected to Approve Venezuela’s Entry into Mercosur

Brazilian president Luiz Inácio Lula da Silva said on Tuesday, May 26, his colleage ...

Enrique V. Iglesias

Brazil Can Learn with Iglesias How to Take the Leap into the Future

Although younger than the Argentine Raúl Presbisch, the Brazilian Celso Furtado and the Chilean ...

Brazilian Police Sweep 13 States in Search of Software Pirates

About 350 Brazilian federal agents swung into action today in a multi-state operation to ...

Contradicting Experts Brazilian Jobless Reach 10.7%. Worst in 15 months

Brazil’s unemployment rate for July, 10.7%, is the highest one in 15 months, according ...

Brazil Shares Info on Information with South Africa

A team from the Brazilian Ministry of Education will travel this month to South ...

Brazilian Indians Offered Alternative to Illegal Mining

Starting the second week of July, the National Indian Foundation (Funai, Fundação Nacional do ...

A Brazilian

Want to Be a Prostitute? The Brazilian Government Can Teach You How

The Brazilian government maintains in the site of the Labor and Employment Ministry a ...

Brazil: A Few Stereotypes of My Own

In Brazil, if you are dating, you let the entire world know it. You ...