View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
June 19, 2009updated 04 Apr 2017 3:56pm

Itaú-Uni looking to acquire $30bn AuM

Ita-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 Ita 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.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

By PBI Editorial

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.

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).

Assets under management Brazil

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International