Brazilian State-Backed Firms Begin Shopping Overseas

In what may well be a sign of things to come for state-backed Brazilian firms, Banco do Brasil has acquired Argentina's Banco Patagonia in its first foray overseas. Along with fellow state-backed Brazilian enterprises Petróleo Brasileiro (Petrobras) and Electrobras , Latin America's largest bank by assets stands to benefit from a new government decree that allows the National Treasury to bolster the capital base of state-controlled companies and provide funding for financing corporate acquisitions overseas.

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