Cleary Gottlieb is representing Bank of America Corporation in the exchange of its BankBoston operations in Brazil for stock in Banco Itaú Holding Financeira S.A. The transaction will make Banco Itaú Brazil’s largest non-government-owned bank. Bank of America will receive approximately $2.2 billion in Banco Itaú stock in exchange for its Brazil operations under the agreements.
BankBoston has more than 140 offices and sales outlets in Brazil and has total assets of approximately $8.8 billion.