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Itau BBA Hires Stewart From Morgan Stanley as London CEO

Banco Itau BBA SA, the wholesale arm of Itau Unibanco Holding SA (ITUB4), the biggest Latin American bank by market value, hired Charles F. Stewart from Morgan Stanley (MS) as chief executive officer of its London subsidiary.

Stewart, who was deputy head of European, Middle East and Africa investment banking for Morgan Stanley, will be based in London and start his new job on June 24, Itau said today in a statement. He replaces Almir Vignoto, who will move to New York to lead Itau BBA’s U.S. activities. Stewart worked at Morgan Stanley for 19 years, where he had been head of Latin American investment banking.

Itau BBA, which received a license to operate as a bank in London last year, has 600 million euros in capital and $6 billion in assets at the subsidiary, CEO Candido Bracher told reporters in December. The bank is increasing the workforce there to more than 100.

The lender is among Brazilian firms expanding outside the country. It hired John Corcoran from UBS AG in 2012 to lead the international bond-syndication group in New York. The bank has also grown throughout Latin America, with hirings announced in Brazil, Mexico, Chile, Peru and Colombia.

Itau BBA hired Gregory Wagner last year from Royal Bank of Scotland Group Plc to create an international prime-services business for hedge funds and other large clients. Wagner is based in New York as global head of prime services.

To contact the reporter on this story: Cristiane Lucchesi in Sao Paulo at clucchesi5@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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