Banco do Brasil S.A. is looking to expand its investment banking unit, either through a listing or merger with a private sector rival, Valor Econômico newspaper reported. A Brasilia-based spokesman for Banco do Brasil confirmed the content of the Valor interview with Paulo Roberto Caffarelli, its senior vice president for wholesale, private and international banking. Caffarelli told Valor that a decision will be made before the end of the year.

The creation of a listed company or a joint venture could "reverse" such situation, Caffarelli told the paper.