Banco Itau BBA SA, the wholesale bank of Latin America’s largest lender by market value, received approval from Colombian regulators to open a representative office in the country.
The decision was the first step in Itau BBA’s attempt to obtain a license for a full subsidiary in Colombia, Itau BBA Colombia SA, with equity of about 350 million Colombian pesos ($200 million), the Sao Paulo-based company said today in a statement.
The goal is to offer credit, advisory and derivatives services and to obtain internal funding through a wholesale bank, corporate lending business and proprietary-trading operation, the company said.
To contact the reporter on this story: Cristiane Lucchesi in Sao Paulo at email@example.com
To contact the editor responsible for this story: Helder Marinho at firstname.lastname@example.org