Brazil’s Itaíº Swallows BankBoston in Chile and Uruguay

The leading Brazilian bank Itaú announced yesterday it had reached a deal with Bank of America for the purchase of all assets belonging to BankBoston in Chile and Uruguay.

The negotiation begun last May following the acquisition of BankBoston assets in Brazil.
Itaú which is Brazil’s second private bank in assets said it was paying the equivalent of 1.05 million US dollars to take over BankBoston in Chile and Uruguay. The bank will also issue ordinary shares equivalent to 1.7% of its capital.

According to Itaú taking the February 21-April 24 period average share price the value of the 20.5 million shares to be issued is equivalent to some 627 million US dollars.

"These acquisitions are consistent with Itaú’s capital business which represents additional value to shareholders, with the purpose of giving sustainability to Itaú and also confirm the bank’s trust in the region", said Itaú in a release for equity holders.

Further on the release describes Chile as a "mature economy" with solid internationally acknowledged institutions, as shown by the investment grade awarded to the country by the risk assessment agency Moody’s.

With the new acquisitions Itaú estimates its assets in 203 billion reais equivalent to 92.8 billion US dollars. With the expansion to new markets the number of clients will also increase considerably, from 17.2 million to 18.1 million, adds the release.


  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


You May Also Like

Those Who Ordered the Murders in Brazil Must Be Punished, Says Political Scientist

An aggressive campaign against crime, a crackdown on criminals and a program to put ...

Meet Monica da Silva: A New Voice in Bicultural Brazilian-American Music

Among the new voices in Brazilian music to emerge in recent years, Florida-based Monica ...

Brazil: Confessed Killer of US Nun Says He Was Hired by Nun’s Friend

In deposition that lasted four hours, Rayfran das Neves Sales, 28 years old, admitted ...

Another Jet Has Trouble Landing in Brazil’s Killer Congonhas Airport

Following Brazil's deadliest air disaster that killed over 200 people Brazilian federal prosecutors sought ...

Rio's floating Christmas tree

Brazil Touches Hearts with Lights and World’s Largest Floating Christmas Tree

The Lagoa Christmas Tree, a floating megastructure standing 82 meters tall over the Rodrigo ...

Brazil Gets 90 Million Doses of Tamiflu in Preparation for Bird Flu

Although there still have not been any cases of bird flu in Brazil, the ...

Cuba’s Foreign Minister Might Grab Power, Says Brazilian Paper

According to a special envoy sent to Havana by Brazilian daily O Globo, but ...

A Brazilian Ant With a Christian Message for the Whole World

Smilingüido is an ant that lives with his friends in the anthill of the ...

Coca-Cola in Brazil

Brazil’s Thirst for Coke Grows 8%, 2% Over Global Average

Brazilians are drinking more Coke. The sales volume of Coca-Cola Brazil increased by 8% ...