Brazil's Banco Votorantim is a privately held bank with operations in wholesale and retail banking, treasury, and asset management. Its core business is investment banking, treasury operations and related services – including structuring and advising on mergers and acquisitions, project finance, and underwriting - for large corporate clients. In recent years the bank has diversified its operations into other financial service businesses, including corporate and middle market loans. Through its subsidiaries and affiliates, it also offers consumer credit, leasing, payroll loans, wealth and investment fund management, credit cards, brokerage, and foreign exchange, among other services. In 2009, Banco do Brasil (BB) obtained a 49.99% voting stake and a 50% overall share in Banco Votorantim for 3bn reais and 1.2bn reais in respective share warrants. Since then, both Grupo Votorantim and BB control the financial institution. Worldwide, the bank opened a branch in Bahamas in 2002 (Votorantim Bank Limited) and a year later it established a representative office in London. Two brokers support its operations in the US and UK: Banco Votorantim Securities, Inc (2005) and Votorantim Securities (UK) Limited (2011). Founded in 1988 and based in São Paulo, Banco Votorantim completed a major restructuring in 2014 to leave major loan losses behind and return to profitability. That same year, Banco Votorantim and BB launched a US$134mn fund to finance infrastructure projects in the country.