The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

Brazil's Itaú Unibanco to launch Argentina brokerage

A lower-profile announcement caught Euromoney’s eye after the bluster of the G20 meetings in Buenos Aires.

Itau-bicycles-R-780

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. 



Much more important than the group of world leaders visiting Argentina for the G20 is the prospect that locals could soon bring their offshore cash back home to stay


That compares with the local stock market’s total capitalization of $47.3








You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree