Itaú unit seen looking to enter brokerage market

Monday, March 28, 2011

The Chilean subsidiary of Brazil's leading private sector bank, Itaú Unibanco (NYSE: ITUB), is looking to broaden its product offering by entering the brokerage business, financial daily Diario Financiero reported.

Banco Itaú Chile is "eying" local stock broker Munita Cruzat y Claro as way to gain foothold in the fast-growing brokerage industry, according to the report.

The bank's marketing and new businesses manager, Álvaro Cámbara, recently told BNamericas that the company was looking to grow its lending 50% above the financial system this year, as well as open 12 new branches and revamp its IT systems.

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Itaú Chile is the country's eighth-largest bank, commanding a 3.5% loan market share.