Banco do Brasil is aiming to grow in the U.S. by first appealing to Brazilians in South Florida, and then general consumers, across the country. An initial plan include rolling out an ultramodern online banking experience and a new credit card product.
BB has been steadily growing its Banco do Brasil Americas unit since 2013 after it acquired Eurobank, a small Miami-based bank, in 2012, and spent some time on setting it up for growth with an internal reorganization and a new name.
BB’s goal is to reach USD 1 billion of assets by the end of 2018, up from USD 387.5 million at the end of the first quarter this year.
Because of its customer base, BB Americas invests heavily in compliance relative to its asset size. More than 10% of its employees focus on Bank Secrecy Act and anti-money-laundering compliance.
Source: American Banker, 1 August 2016,