Fed Approves EuroBank's Sale to Brazilian Acquirers

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The Federal Reserve Board on Friday approved the sale of EuroBank in Coral Gables, Fla., to a pair of Brazilian buyers.

The Fed said that the $520.1 billion-asset Banco do Brasil SA and its employee pension plan had sufficient resources to buy the $83 million-asset EuroBank. The Brazilian bank agreed in April to pay $6 million for EuroBank.

Separately, the Federal Reserve said Friday that it had approved an application by Bankia SA in Valencia, Spain, to open a branch in Miami.

As part of a corporate reorganization, the $406.3 billion-asset Bankia wants to open the branch to assume the operations of Caja Madrid's agency and Bancaja's branch in Miami. Those offices will be closed. Caja Madrid and Bancaja are indirect parent companies of Bankia.

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