Bank Of America May Sell Brazil Assets

Bank of America may be about to sell its BankBoston operation in Brazil. It has been reported that local bank Banco Itau, Brazil’s second-largest private bank, and Spanish bank Santander are interested buyers. A price tag of $2 billion is being discussed. Bank of America sold its BankBoston operations in Argentina last December to a consortium led by South Africa’s Standard Bank in a deal worth around $170 million It has also sold off its BankBoston stakes in Peru, Panama and Colombia. Bank of America bought BankBoston’s mother company – Fleet Boston Financial – for $48 billion in 2004.