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Itau BBA Gets Regulators’ Approval to Open Colombia Office

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.

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