Wachovia Corp. has completed its acquisition of Banco Portugues do Atlantico-Brasil SA, an $80 million-asset bank based in Sao Paulo.
The Brazilian bank, formerly a subsidiary of Lisbon-based Banco Portugues do Atlantico SA, has been renamed Banco Wachovia.
Wachovia is the first U.S. bank to complete an acquisition in Brazil. NationsBank Corp. recently confirmed that it is considering acquiring a Brazilian bank, Banco Liberal, while BankBoston Corp. is planning a major expansion in Brazil, albeit de novo.
Wachovia said its new Brazilian unit will focus on trade finance and on providing services to corporate customers outside the United States, especially in the Mercosul trade region. The Mercosul free-trade agreement covers Argentina, Brazil, Paraguay, and Uruguay.