Itaú-Unibanco Private Bank is looking to acquire a $30 billion
book of client assets outside Brazil by the end of 2009 in a bid to
double it assets under management, Private Banker International has
learned.
The private bank, formed by the merger of Banco Itaú and Unibanco
last year, is the largest in Brazil and has been gaining further
market share recently. Its share of private client assets has
increased from 36 percent following the merger to over 40 percent
at the most recent measure.
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A senior source in Brazil said the private bank has been given a
mandate from its board to acquire $30 billion in international
client assets to build its business outside Brazil. The move would
roughly double its current assets under management and would
probably involve a series of smaller acquisitions, rather than one
large one. The deals are likely to focus on markets including
Mexico, Chile and Columbia, where the bank has already expressed a
preference to expand.
The bank is also awaiting the regulatory all-clear from Switzerland
to start operations at a 30-person office in Zurich (see PBI
246).
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