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Brazilian Bank Buys Bank of America European Private Client Businesses
Banco Itau Holding Financeira, Brazil's biggest bank by market value, has agreed to buy two private banking units in Europe from Bank of America. According to a statement issued by Sao Paulo-based Itau, the bank will pay, through subsidiaries in Europe, $155 million for BankBoston International and BankBoston Trust Company. The two Bank of America units focus on Latin American private banking clients.
