Brazil's largest bank, Itau-Unibanco, is eyeing possible acquisitions elsewhere in Latin America, especially Mexico, the bank's president said Wednesday.

"We have a plan for overseas expansion and we will give careful consideration to opportunities as they arise," Itau-Unibanco President Roberto Setubal said at a news conference. "If an important banking institution in Mexico becomes available for sale, we will give that opportunity very careful study."

Itau-Unibanco was formed late last year by the merger of Itau (ITU), at that time Brazil's third largest bank, and Unibanco (UBB), at that time the country's fourth largest bank. The new merged bank is Brazil's largest financial institution. Itau and Unibanco shares currently still trade separately, but they will be unified into a single new share on March 31.

People familiar with the situation said that executives of U.S. financial corporation Citigroup (C) have weighed the possibility of selling its Mexican holding, Grupo Financiero Banamex, The Wall Street Journal reported earlier in February. Investment bankers estimate Banamex could be worth at least $9 billion, according to the report.

"Citi has no intention of selling Banamex," Citigroup spokesman Jon Diat told The Wall Street Journal.

-By Rogerio Jelmayer, Dow Jones Newswires; 5511-2847-4521; rogerio.jelmayer@dowjones.com