Itau Unibanco, Latin America's biggest bank by assets, said it plans to build up overseas once it completes its merger, but that will take at least a year and it's not tempted by distressed assets.
Itau Unibanco was formed by last year's takeover of Unibanco by Itau and now ranks as one of the world's top 15 banks by market value. It said at the time of that deal it hoped to compete with big rivals on the international stage in time.
Brazil has weathered the financial crisis better than most countries and its economy is in good shape due to previous fiscal and monetary reform, Setubal said. He predicted the economy would grow by between 4.5 percent and 5 percent next year, which was sustainable if the world economy holds steady.
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