Brazil based lender Banco do Brasil is planning to expand its investment banking business through a listing or merger with an undisclosed private competitor firm.
Further development of the business will enable the state-owned bank to establish brokerage operations in the country, as reported by Reuters citing Valor Econômico newspaper.
The report also quoted a senior officer as saying that the plan is in the primary stage, and if realized, the bank will be able to create one of the largest wholesale and investment bank in the country.
Speaking in an interview with the newspaper, Banco do Brasil senior vice president for wholesale, private and international banking Paulo Roberto Caffarelli said, "Our only option is to form a team. We have a great team but we can’t poach people from other banks."
"At the same time the more people we lose to rivals come from the wholesale banking and capital markets operations."
It is expected that the bank will take a final call on the plans before the end of the year.