Italy-based Intesa Sanpaolo is planning to open a new subsidiary bank in Saõ Paulo, Brazil next months to boost its international network.
In addition, Intesa Sanpaolo is also seeking for commercial bank and investment bank approvals to operate both in local currency and on the forex market.
Operating as part of the firm’s international department of the corporate and investment banking division, the new unit will work closely with the Group’s international network and Italian structures.
The Saõ Paulo office will also provide a platform of products and services to meet customer needs in addition to providing them with commercial development and investment support.
The office will enable businesses to use advisory services to enter the Brazilian market and promote cross-border activities such as loans for exports, credit insurance, export factoring and international project finance.
The subsidiary bank will also partner with Banca IMI, Intesa Sanpaolo Group’s investment bank, to offer a range of services such as cash management to short, medium and long-term lending, structured finance to investment banking and capital markets.
Gaetano Miccichè, general manager and head of the corporate & investment banking division of Intesa Sanpaolo, said: "Brazil constitutes another milestone in the growth of our organisation at international level. This path is one that we consider indispensable, one that will allow us to accompany businesses on the global markets."