Bank run.Banks both foreign and domestic are on a buying spree in booming Brazil. UBS, a U.S.-Swiss financial institution Financial institution An enterprise such as a bank whose primary business and function is to collect money from the public and invest it in financial assets such as stocks and bonds., 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, 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 to Banco Itau.
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