Itaú Unibanco saddles up for a new venture
Brazilian bank Itaú Unibanco has announced it is to open a brokerage operation in the Argentina, after 23 years of operating in the country.
Despite Argentina’s recession and IMF bailout, the bank – normally a shrewd judge of Latin American wealth flows – thinks now is the time to invest in a platform to offer brokerage services to its private banking and institutional investor client list.
The operation will be headed by Ricardo Cavanagh, CEO of Itaú Valores, and marks a sizeable extension of its banking network in the country.
Cavanagh told Brazilian newspaper Valor that the decision reflects the potential for AUM growth in the domestic economy; after the 2016 tax amnesty, there is an estimated $400 billion declared offshore in Argentine wealth that could flow back to the country if – and when – growth returns.
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