São Paulo – The Bank of Brazil has signed a contract to purchase 100% of the equity capital of EuroBank, which is based in Florida, in the United States. According to information disclosed by the Brazilian financial institution this Monday (25th), the value of the deal was US$ 6 million.
The bank has three branches and its customers are mostly Spanish, in addition to a small group of Brazilians. As of late last year, the institution’s assets totalled US$ 102.1 million, its credit portfolio totalled US$ 74.8 million, deposits totalled US$ 91.4 million and equity totalled US$ 5.5 million.
"The acquisition of EuroBank will contribute to expand the Bank of Brazil’s business in the USA and enable it to operate in the United States’ retail market, with an emphasis on providing services to the Brazilian and Spanish communities living in the country," announced the Bank of Brazil in a press release.
*Translated by Gabriel Pomerancblum
