• Categories
  • Archives

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:

  • Show Comments (2)

  • Nicholas usa_male

    I guess they do. You know how the Liberal media likes to spin news for it’s viewers, who are loyal towards them.

  • Natalya Barbosa

    Is this a joke?
    The banks were bailed out? Only one ignorant of the truth beliives this. The banks stole the money from the taxpayers. Plain and simple, and anyone can buy the stock, as it is on the public exchange, but this is not an indication of taking any kind of control over the institutions. do people really believe this sort of headline?

Your email address will not be published.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.

Ads

You May Also Like

Brazil’s Agriculture Minister Frustrated with Government’s Inaction

Obtaining funds to alleviate Brazil’s farming sector of its growing indebtness has turned into ...

Cover Story

There are close to four million computers in Brazil today. But this number might ...

Europe and Latin America Get Together in Brazil to Do Business

The business potential inherent in the socioeconomic diversity of the Latin American countries will ...

Tight Money Depresses Brazil Stocks

Brazilian stocks ended mixed to higher, ahead of an interest rate decision later yesterday. ...

Brazil’s Lula Praised in Paris for Remaining True to His Roots

At his meeting, yesterday, June 13, with the Socialist mayor of Paris, Bertrand Delanoe, ...

Haute Couture Made in Brazil from Recycled Fiber

Brazilian designer Márcia Ganem's differential of clothing  lies in her techniques for using recycled ...

The Best Pages of Our Lives

Which are the best books produced by the Brazilian literature this century? A panel ...

Brazil’s Petrobras Chooses U.S. PR Firm

Brazil’s oil giant Petrobras – Petróleo Brasileiro S.A., has chosen global investor and public ...

Cut PET brick inside a woodee mould

Brazil Builds Houses Using Coke Bottles as Bricks

Concerned about the volume of soft drink bottles thrown in the waterways of Manaus, ...

Brazil Blames Boeing Crash on American Pilot Flying at Wrong Altitude

The Brazilian aviation authorities say that the Brazilian-made Legacy jet that collided with Gol’s ...