Brazilian bank eyes stakes in RBS and Lloyds

Brazil's largest bank is considering buying stakes in UK giants Royal Bank of Scotland and Lloyds Banking Group, according to The Sunday Times.

Itau Unibanco, the tenth-largest in the world by market cap, is examining the possibility of buying shares in the taxpayer-backed banks as they are sold off by the Government. It is also examining deals in a number of other countries, including the US. Pedro Malan, chairman of Itau's international advisory board, says the bank was taking its time and would refine its plans later this year.