Banco Itau Holding Financeira S.A. (ITU) Message Board

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Non-Tech : Banco Itau Holding Financeira S.A. (ITU)

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From: JakeStraw	8/4/2006 3:22:37 PM
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Report: Brazilian bank close to BofA deal biz.yahoo.com bizjournals.com Friday August 4, 2:43 pm ET Brazil's Banco Itau SA is close to reaching an agreement with Bank of America Corp. to buy the rest of its assets of the BankBoston franchise in South America, Reuters reports. According to the news agency, Banco Itau Chief Executive Roberto Setubal said his bank would pay stock to acquire BofA's BankBoston chain in Chile and Uruguay. He declined to reveal the value of the deal. However, he said the offer is "broadly proportional" to Banco Itau's $2.2 billion stock deal with BofA in May to buy its Brazilian BankBoston franchise. Under that deal, BofA got a 5.8 percent stake in Banco Itau (NYSE:ITU) and Banco Itau obtained an exclusive option to buy the Chilean and Uruguayan units. BofA (NYSE:BAC) acquired the BankBoston units when it bought FleetBoston Financial Corp. in 2004 for nearly $48 billion. Terry Francisco, a spokesman for Bank of America, declined to comment.

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