Banco do Brasil SA is on the lookout for takeover targets in the United States to provide more banking services to a growing Brazilian community in the world's No. 1 economy, a source with knowledge of the matter said on Tuesday.Brazil's largest bank by assets is considering bidding for the Florida-based unit of Spain's Bankia SA, known as City National Bank of Florida, and another lender in New Jersey, said the source, who declined to speak on the record because they were not allowed to comment publicly on the matter.Since early 2009, Chief Executive Officer Aldemir Bendine has focused international expansion on the U.S. retail banking market as well as Colombia, Per� and Chile, yet with limited success as valuations remain too expensive. In the U.S., the goal is to grow in Florida, Massachusetts, New Jersey and other states with a large community of Brazilians and Latinos.A spokesman for state-controlled Banco do Brasil in Brasilia said by telephone that the bank "does not comment on market speculation."
City National Corporation (the Corporation) is a bank holding company and a financial holding company. Shares of CYN fell by 0.28% or $-0.16/share to $57.54. In the past year, the shares have traded as low as $46.12 and as high as $59.79. On average, 368440 shares of CYN exchange hands on a given day and today's volume is recorded at 348907.
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