Swiss private bank Mirabaud has secured the regulatory nod to launch a pair of wealth management units in Montevideo, Uruguay.

One of the subsidiaries- Mirabaud Advisory (Uruguay) – will tend to local clients.

The other unit- Mirabaud International Advisory (Uruguay) – will serve clients from other Latin American countries.

Mirabaud managing partner and head of wealth management Nicolas Mirabaud said: “In recent years our Latin American client base has grown, so it was natural for us to establish a presence closer to them in order to serve them better.”

The new subsidiaries will be run by Mirabaud Southern Cone co-head Fabio Kreplak.

Kreplak will be assisted by Mirabaud head of wealth management for Latin America Thiago Frazao.

The headcount at the bank’s Montevideo business is expected to reach six in 2019.

Commenting on the development, Frazao said: “Mirabaud is present on four continents and in ten countries and can call on a network of experts covering the various fields of wealth management.

“With their comprehensive knowledge of the South American market and Swiss wealth management expertise, Fabio Kreplak and his team are fully integrated into the Mirabaud culture and approach.”

The latest move comes shortly after Mirabaud’s expansion into Brazil with the takeover of Galloway Gestora De Recursos, a Brazilian asset manager.