The EuroBank has three branch locations in in Coral Gables, Pompano Beach and Boca Raton and serves North American, Portuguese and Hispanic customers, as well as a Brazilians.
Banco do Brasil said that the acquisition of EuroBank will contribute its business expansion in the US and allows it to act in that country’s retail market, focusing on meeting Brazilian and Hispanic communities’ needs.
Banco do Brasil international business vice president Allan Toledo said that in the next five years, the bank want to have 20 branches in the US, with investment close to $25m to do so.
The transaction is subject to regulatory approval of Brazil and US authorities as well as Banco do Brasil Shareholder’s.
In 2010, the Banco do Brasil received permission from the Federal Reserve to operate as a full-fledged retail bank in the US. It has already offices in New York and in two other US cities.
