Shearman & Sterling advised Brazilian bank Banco do Brasil in U.S. law matters on a $1.4 billion secondary share offering, while Cleary Gottlieb Steen & Hamilton represented the underwriters.

Banco do Brasil, one of the largest banks in Brazil by assets, and shareholder FI-FGTS sold 132 million common shares in a R$5.8 billion offering that closed October 22. Banco do Brasil is a communal bank controlled by the Brazilian government.

The Cleary Gottlieb corporate team, led by partner Francesca Odell, represented underwriters Caixa Econômica Federal, Banco do Brasil, Credit Suisse, Itau BBA, JPMorgan and XP. Lawyers based both in São Paulo and New York pitched in, with Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados assisting underwriters in matters of Brazilian law.