Arnold & Porter Recognized for Banco do Brasil Transaction
New York, NY, November 29, 2012 -- Arnold & Porter was recently recognized by Financial Times for its innovative work in helping Banco do Brasil acquire Florida-based EuroBank earlier this year and thereby become the first bank majority owned by a sovereign government to be approved by the Federal Reserve as a financial holding company. The newspaper's closely-watched 2012 "Innovative Lawyers" report also took into account the fact that the firm's client was the first major bank from Latin/South America to receive approval to acquire a full service U.S. bank.
The Banco do Brasil transaction required the firm to assemble a multi-disciplinary approach because it involved complex and politically challenging finance, tax, corporate, restructuring and securities concerns, as well as unchartered regulatory hurdles. Arnold & Porter's assembled legal team carefully helped the Federal Reserve Board's staff work through the many unique or gray-area issues involved. One key to completing the ground-breaking deal involved demonstrating to U.S. regulators that Banco do Brasil, which has operated a wholesale commercial banking business in the U.S. for many years, had the management and operational responsibility to restructure EuroBank, a full service retail bank that was in a troubled condition at the time.
The Arnold & Porter team not only represented its client through the entire regulatory process, but advised on the preparation and negotiation of the acquisition agreement, and managed the transaction closing, which was completed in January. The firm also helped its client navigate myriad business objectives and legal requirements, which had not previously been accomplished by any bank in Banco do Brasil's position.