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

Brazil: Unions Pass the Hat to Pay Lula’s Fine for Violating Electoral Law

The Superior Electoral Tribunal of Brazil, the TSE, again fined Brazilian president Luiz Inácio ...

Brazil’s Motor Vehicle Production Falls 40%, But Industry Is Pleased

The motor vehicle production in Brazil dropped 7.9% in October, in comparison to September. ...

Twenty-five Years of Presidential Leadership in Brazil

How much credit should Brazil’s presidents get for its remarkable progress since the return ...

Brazilian Killed by London Police Had All His Papers

During a joint news conference yesterday in London, Brazilian minister of Foreign Relations, Celso ...

US Rate Hike Might Inspire Brazil

Latin American markets ended flat to higher, as investors had largely priced in an ...

Brazil Uses Balloons and Satellite to Study Air Pollution

134 scientists, engineers, and technical specialists from Brazil, France, Germany, and Italy are ready ...

Leather Software Made in Brazil for Export

This Brazilian group's goal is to provide complete software solutions to the international market. ...

Brazil’s Empretec Makes Railway and Veterinary Equipment

Empretec, a company that is based in the city of Guarulhos, in the Greater ...

Only Iron and Soybean Bring More Foreign Money to Brazil than Tourism

Tourism was Brazil’s third largest source of foreign currency during the first seven months ...

Brazil Backlands Emulate California. Still a Long Way to Go Though.

The choice for irrigated fruit growing has proven to be an excellent option for ...