Banco do Brasil, Latin America's largest bank by assets, may seek acquisitions in the United States, looking to benefit from devalued prices among regional lenders, Chief Executive Aldemir Bendine said in an interview.
The state-controlled bank is also on the lookout for targets in Argentina, Chile and other Latin American countries as part of an internationalization drive, Bendine told Reuters late on Thursday.
There are some countries where we don't see the need for takeovers, but possibly the strongest move will happen through acquisitions, Bendine said.
Having gone through the most acute period of the global crisis, many assets have been devalued ... so you have takeover opportunities in countries where we see very good opportunities at the moment.
The bank's level 1 American Depositary Receipts will begin trading on December 2 in New York, Bendine added. The bank received approval by the U.S. Securities and Exchange Commission two weeks ago to issue ADRs as it looks to increase its visibility to overseas investors and boost liquidity.
(Reporting by Elzio Barreto and Aluisio Alves, editing by Gerald E. McCormick and Matthew Lewis)