According to agency Reuters: The Banco do Brasil has received approval from the Financial Industry Regulatory Authority to underwrite securities in the United States, Latin America’s largest bank by assets said on Friday.
The bank said in a securities filing that it would also be allowed to act as a dealer for bonds in the U.S. secondary market.
After spending most of its 200 years focusing on the domestic market, state-run Banco do Brasil made an acquisition in Argentina last month and has looked for U.S. purchases where it would offer retail services for Latinos and Brazilians there.
The bank last month received financial holding company status from the U.S. Federal Reserve, making it easier to offer a broad range of banking services and products in the United States.
“This approval is effective immediately and represents another step for Banco do Brasil to strengthen its business in the United States, especially in supporting the internationalization of Brazilian companies,” the bank said in the filing. (Reporting by Elzio Barreto; Editing by Lisa Von Ahn)
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