Bank run.Banks both foreign and domestic are on a buying spree in booming Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. . UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System , a U.S.-Swiss financial institution, bought for US$2.50 billion Banco Pactual, a Brazilian financial institution. UBS will pay $1 billion up front and the remaining $1.50 billion over five years. The deal should close during the third quarter of 2006. Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , a U.S. financial institution, swapped its BankBoston operations in Brazil to Banco Itau, a Brazilian bank. In return, Bank of America gets a 5.8% stake in Banco Itau, worth $2.20 billion. Bank of America also agreed to sell its BankBoston assets in Chile and Uruguay Uruguay, country, South America Uruguay (y  `rəgwā, gwī, Span.  r to Banco Itau.
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