Itaú has no plans for overseas acquisition, executive says
SAO PAULO Dec 16 (Reuters) - Itaú Unibanco Holding SA, Latin America's largest bank by market value, has no immediate plans to buy a rival overseas as an ongoing decline in Brazil's currency is making foreign acquisitions more expensive, a senior executive said on Tuesday.
"With the dollar gaining ground and staying at a high level, it is hard to think of potential overseas transactions at this point," said Alfredo Egydio Setubal, Itaú's senior vice president for investor relations, at a São Paulo event.
This year, the bank gained control of Chilean lender CorpBanca SA, and expects to complete a merger of both lenders' Chilean, Colombian and Peruvian operations next year as part of the transaction. São Paulo-based Itaú is Brazil's largest non-government bank. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)
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