Banco Itau BBA has hired Charles F. Stewart from Morgan Stanley as chief executive officer of its London office.
Stewart was the deputy head of European, Middle East and Africa investment banking for Morgan Stanley. In his new role, he will be based in London aND will replace Almir Vignoto, who will move to New York to lead Itau BBA’s US activities. Stewart will start work with Itau BBA June 2013 onwards.
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Stewart worked at Morgan Stanley for 19 years, where he had been head of Latin American investment banking.
Itau BBA, which received a license to operate as a bank in London last year, has EUR600 million in capital and US$6 billion in assets at the subsidiary. The bank is increasing the workforce there to more than 100.
The lender is among Brazilian firms expanding outside the country. It hired John Corcoran from UBS AG in 2012 to lead the international bond-syndication group in New York. The bank has also grown throughout Latin America, with hirings announced in Brazil, Mexico, Chile, Peru and Colombia.
Itau BBA hired Gregory Wagner last year from Royal Bank of Scotland Group Plc to create an international prime-services business for hedge funds and other large clients. Wagner is based in New York as global head of prime services.
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