BancBoston Capital, the private equity arm of Bank of Boston, is expanding its non-U.S. operations to include Latin America. The firm expects to operate in Brazil and Argentina. In its investing strategy, it is expected to concentrate on deals in the telecommunications, media and transportation sectors and may include participation in privatizations, said a spokeswoman for the firm. This new effort is being headed by Iain Whitfield, a 17-year veteran of the Bank of Boston. He was most recently head of its transportation division, which provides capital to that industry. For the next few months, he will remain in Boston while he is staffing the new operations in South America.