Banco do Brasil on its way to Colombia
After entering the Argentinian market, a Brazilian institution is close to buying a Colombian bank; the stock falls 22% this year.
The vice-president of Banco do Brasil, Allan Toledo, who is participating in the 1st Colombia-Brazil Investment Forum, stated that BB is analyzing the acquisition of a Colombian bank. He declined to name the institution, but indicated that the profile of the bank that could be acquired is ranked between 5th and 10th in the local ranking.
The idea behind acquiring a financial institution is for Banco do Brasil to conduct direct operations in that country, explained Toledo, who is the vice president of Wholesale, International Business, and Private Banking at Banco do Brasil. While negotiations are underway, Banco do Brasil has already internally approved the opening of a development agency in Colombia to serve Colombian companies interested in investing in Brazil and Brazilian companies interested in Colombia.
Asked if he was fulfilling a request from former President Luiz Inácio Lula da Silva, who suggested at the opening of the Forum that Banco do Brasil open a branch in that country, Toledo stated: "The president is always right, perhaps he wanted Banco do Brasil to have a greater presence in Colombia." He also mentioned that the bank already has partnerships with seven correspondent institutions in Colombian territory.