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Itau BBA Gets Regulators’ Approval to Open Colombia Office

March 7 (Bloomberg) -- 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 clucchesi5@bloomberg.net

To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net

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