Mizuho Corporate Bank said Wednesday it has agreed to acquire Banco WestLB do Brasil SA. The Japanese bank is expected to pay some ¥30 billion for the Brazilian corporate banking unit of Germany’s WestLB AG.
The acquisition of the midsize Brazilian bank with total assets of $1.5 billion is subject to approval from local regulators. The move is designed to help the unit of Mizuho Financial Group Inc. offer enhanced financing services to local resource and energy development projects as well as Japanese companies operating in Brazil.