Swiss private bank Bordier & Cie has bought a majority stake in Helvetia Advisors, an investment advisory business based in Uruguay.

The size of the stake acquired or the financial terms of the deal were not divulged.

Established in 2010, Helvetia offers investment advice to private clients in the Southern Cone region. The Montevideo-based firm employs three senior bankers and support staff.

Bordier & Cie, set up in 1844, has been operating in Montevideo since 2007. The bank also has offices in Singapore, London, Paris, Geneva and Zurich.

Commenting on the deal, Bordier & Cie senior partner Grégoire Bordier said: “We have been present in Uruguay for many years and this acquisition confirms our commitment to the region and our interest to grow in Latin America’s Southern Cone, a region with great potential in terms of wealth management business.”

The deal is expected to be completed on 31 July 2018, pending regulatory approval.

Bordier & Cie head of Latin America and Iberia Daia Feigenwinter said: “We are excited to welcome Helvetia Advisors’ team and their clients to Bordier & Cie and look forward to serving and growing our client franchise together.

“We consider it of strategic importance being physically close to our client base while offering an independent open architecture product platform through multiple digital channels.”