MercoPress. South Atlantic News Agency

Latam’s largest bank has requested to operate in Uruguay as commercial bank

Banco do Brasil has been expanding aggressively overseas, including the US.

Banco do Brasil, Latin America’s largest financial institution has requested a licence to operate in Uruguay as a commercial bank according to the Brazilian government’s news agency.

“The bank’s plans include transforming the financial office in Montevideo into a commercial bank and work together with the Financial Institute for Foreigners, IFE, (off-shore) in the sea resort of Punta del Este” revealed Carlos Nóbrega Vice-president of Banco Patagonia, an Argentine institution which was recently absorbed by the Banco do Brasil.

The Banco do Brasil plans in Uruguay are in line with what was announced months ago when the powerful institution took over the US, Florida, EuroBank, which is “to attract that bracket of customers represented by Brazilian corporations and individuals operating in Uruguay and the region”.

In Uruguay an estimated sixty Brazilian first line corporations have affiliates and Punta del Este has become one of the main international destinations for Brazilians and Argentines investors, and tourists in the southern hemisphere summer.

It is estimated the licence request can take anywhere from three to four months so the commercial operation of Banco do Brasil could become effective sometime in the second half of 2011.

Banco do Brasil plans were announced to the press two days before President Dilma Rousseff travels to Uruguay for a one day work-visit. However the bank’s announcement was not mentioned in the official agenda of the summit in Montevideo which includes infrastructure projects and closer technology and innovation technology contacts as well as shared positions in international policies.