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).