Oct. 10 (Bloomberg) -- Grupo Interbolsa, owner of Colombia’s biggest brokerage, plans to expand into Chile and Peru to capitalize on growth in Andean stock markets, Chief Executive Officer Rodrigo Jaramillo said.
“We are looking to strengthen the company with a strategic partner that can contribute to its development and expansion in the region,” Jaramillo said in a phone interview today from New York, where he said he is in discussions with potential partners. He declined to give further details on the talks, citing a confidentiality agreement.
Grupo Interbolsa also is looking to boost its presence in Colombia amid increased competition as the country’s market expands, Jaramillo said. Brazil’s BTG Pactual SA in June bought Bogota-based brokerage Bolsa y Renta SA. In late December, Banco de Credito del Peru purchased a 51 percent stake in Correval SA.
Jaramillo denied speculation that Interbolsa is closing its brokerage in Brazil.
“That is completely false,” he said. “Our presence in Brazil is fundamental and those unfounded rumors are damaging to the company.”
Interbolsa fell 5.3 percent today and has dropped 28 percent this year, compared with the benchmark IGBC index’s 12 percent gain.
To contact the reporter on this story: Andrea Jaramillo in Bogota at firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos at email@example.com