Leading Brazilian bank sets up base (hktdc.com)

Banco Itau, Brazil's leading private bank, recently opened its first broker/dealer office in Hong Kong.

"Itau Asia Securities is a bold effort to bring Brazil's growing investment opportunities closer to Asian institutional investors," says Head of Itau's global brokerage business, Roberto Nishikawa.

"There is an increasing demand for diversification, especially as spreads shrink in traditional investment destinations. Asian investors are looking for alternatives, and we think they will find many opportunities in Brazil," says Mr Nishikawa, who is a Brazilian Japanese.

Headed by the Chinese-Brazilian born Julia Chen, Itau Asia Securities will start with offering Brazilian equity IPOs, fixed income and structured products to institutional investors throughout Asia.

Associate Director-General of Investment Promotion at Invest Hong Kong, Simon Galpin, said he is pleased that Banco Itau has selected Hong Kong to set up its base. "Hong Kong is proud of its world-class financial and banking system, as well as its superior information technology infrastructure and professional workforce."

Banco Itau is the largest private bank in Brazil. It offers retail, commercial, corporate and private banking services, as well as consumer loans, financial management, insurance, pension plans, treasury services, mortgage loans, lease financing, securities brokerage, and foreign exchange services. Through its investment bank arm – Itau BBA, the bank has been a top player in recent Brazilian IPO's and the leader in corporate domestic debt issuance. Itau Corretora, the brokerage arm, has offices in Sao Paulo, New York, London and now Hong Kong to serve foreign institutional investors interested in Brazilian investments.