Itau BBA Selects Broadridge to Support New U.S. Securities Lending and Repo
LAKE SUCCESS, N.Y., March 6, 2013
LAKE SUCCESS, N.Y., March 6, 2013 /PRNewswire/ --Broadridge Financial
Solutions, Inc. (NYSE: BR), the leading provider of investor communications
and technology-driven business process outsourcing solutions to financial
services firms and corporate issuers globally, today announced that Itau BBA
has selected Broadridge's comprehensive technology and BPO operations solution
to support its USD-based securities lending and repo business for its New York
brokerage arm, Itau BBA USA Securities, Inc.
The agreement enables Itau BBA to leverage Broadridge's Business Process
Outsourcing (BPO) solution to create a single platform to manage its
U.S.-based Prime Services operations, technology and hosting needs.
Broadridge's customizable and scalable BPO solution will also facilitate
Itau's expansion into the USD-based securities financing and repo businesses.
"It is an exciting time for Itau as we launch our USD-based securities lending
and repo business," said Gregory Wagner, Managing Director, Global Head of
Prime Services at Itau BBA. "We are delighted to collaborate with Broadridge
given their proven track record and industry-leading reputation, bundled
technology and BPO offering, and domain expertise across securities lending
and repo markets. Itau is confident Broadridge is the right strategic partner
that will enable us to most effectively grow the business–accelerating time to
market and benefiting from their deep securities operations knowledge."
According to Joseph Barra, President, International Securities Processing and
Global Outsourcing Solutions, Broadridge, "Broadridge's BPO model will allow
Itau to minimize its fixed-cost investment in technology and operational
infrastructure while also creating new revenue-generating opportunities for
the firm as it ramps up broker-dealer capabilities in the U.S. marketplace.
Itau BBA is a highly-respected institution and top name in the Latin American
region as well as global banking communities, and Broadridge looks forward to
continuing to build upon this new relationship."
This is the first agreement between Broadridge and Brazil-based Itau, the
largest bank in Latin America with a market capitalization that ranks it among
the largest financial institutions worldwide.
Broadridge Financial Solutions, Inc. (NYSE:BR) is the leading provider of
investor communications and technology-driven solutions for broker-dealers,
banks, mutual funds and corporate issuers globally. Broadridge's investor
communications, securities processing and operations outsourcing solutions
help clients reduce their capital investments in operations infrastructure,
allowing them to increase their focus on core business activities. With 50
years of experience, Broadridge's infrastructure underpins proxy voting
services for over 90% of public companies and mutual funds in North America,
and processes more than $4.5 trillion in fixed income and equity trades per
day. Broadridge employs approximately 6,200 full-time associates in 13
For more information about Broadridge, please visit www.broadridge.com.
About Itau BBA
Itau BBA is Itau Unibanco's Wholesale, Investment and Treasury Bank. Itau
Unibanco is Brazil's largest financial conglomerate and one of the world's
largest by market value. It has a portfolio of companies with revenues in
excess of US$ 100 million and provides global services to around 1,300 of
Latin America's largest companies as well as around 700 institutional
investors. Itau BBA's service portfolio includes asset investment, merger and
acquisition, share offering, securitization, derivatives, structured
transaction, cash management, finance and guarantee services, among others.
For further information:
++ 55 11 3708-8921
++ 55 11 3708-8701
Kelly M. Howard
SOURCE Broadridge Financial Solutions
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