Itaú Agrees To Pay $7 Billion For BankBoston

Brazilian Banco Itaú has agreed to pay $7 billion to Bank of America to buy its BankBoston business in Brazil. The Brazilian bank also has the option to buy BankBoston operations in Chile and Uruguay. The acquisition puts Banco Itaú at the same level, in asset terms, as Banco Bradesco, Brazil’s largest private sector bank. Credit Suisse and Merrill Lynch have been advising Itaú on the deal.