Banco do Brasil CEO seeks global expansion-report

* State-run bank looking at 17 U.S. takeover targets

* Banco do Brasil plans expansion of stock underwriting

* Bank to unveil new mortgage business by year-end

SAO PAULO, Aug 27 (BestGrowthStock) – Banco do Brasil (BBAS3.SA: ),
Latin America’s largest bank by assets, plans acquisitions in
Chile and the United States and joint ventures in mortgages,
pension plans and stock underwriting as it seeks to become a
global conglomerate, Chief Executive Aldemir Bendine told Valor
Economico newspaper on Friday.

The state-run bank is studying 17 possible takeover targets
in the United States and will buy at least two, Bendine said in
the interview. Banco do Brasil is also in advanced talks to
expand in Peru and Uruguay, while in Chile it is seeking a
partnership with a local bank, he said.

“The strategy is to prepare this bank to become global,”
Bendine said. “Given the improvement we’ve had in the Brazilian
economy, the strengthening of our currency and the boom in
investments, naturally, the large financial conglomerates —
and I’m not just talking about Banco do Brasil — will have the
need to expand overseas.”

Banco do Brasil has signed a series of deals with Banco
Bradesco (BBDC4.SA: )(BBD.N: ), Brazil’s No. 2 private-sector bank,
in credit cards, insurance and a joint venture to expand in
Africa, but there are no plans for a merger of the two banks,
Bendine told Valor.

“The evil-minded have started making those links. There is
no such thing,” he said. “In (retail) banking, the competition
over clients will continue the way it is today.”

The Brasilia-based bank drew closer to Bradesco because the
merger that created Brazil’s largest private-sector bank, Itau
Unibanco (ITUB4.SA: )(ITUB.N: ), “tipped the scale a bit,” Bendine

Banco do Brasil will look for possible partnerships with
large Brazilian or international investment banks in a bid to
develop its stock underwriting business and bulk up its
research area and brokerage, Bendine said.

The bank also plans to unveil by year-end a mortgage bank
through a joint venture with a large Brazilian real estate
developer, he said.

Banco do Brasil forecasts the boom in lending in Brazil
will continue in the coming years, with loans as a percentage
of gross domestic product reaching 70 percent in 2015, up from
46 percent now, Bendine said.
(Reporting by Elzio Barreto; editing by John Wallace)

Banco do Brasil CEO seeks global expansion-report