Federal Reserve Board Regulatory Approval
On April 13, 2010, Banco do Brasil, S.A., the largest bank in Brazil and Latin America, was notified by the United States Board of Governors of the Federal Reserve System (the "Federal Reserve Board") that its election to be treated as a Financial Holding Company has become effective. The Federal Reserve Board based this approval on determining that Banco do Brasil had met the regulatory requirements that it be well capitalized, well managed and subject to comprehensive and consolidated supervision by its home country regulator, the Central Bank of Brazil. Financial Holding Company status will allow Banco do Brasil to engage in a broader range of financial activities in the United States, as well as facilitate an expansion of its banking activities in the commercial, retail and capital markets in the United States. Kevin F. Barnard and Kathleen A. Scott provided legal representation for Banco do Brasil in obtaining this approval. Mr. Barnard, co-head of the firm's financial services practice, stated that "Banco do Brasil's designation as a financial holding company is a testament to the bank's strong performance and enhances its future capabilities in the US, where the bank has maintained a New York office for 40 years."
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