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Itaú Private Bank opens new trading desk in Bahamas

The portfolios of international private banks are growing as amnesty programs are rolled out in Latin America and interest rates decline across the region. Itaú Private Bank, Latin America’s leading home-grown private banking institution, is forging ahead with its international growth strategy and is well-positioned to attract self-directed clients seeking diversification abroad.

This week, Itaú Private Bank inaugurated its new Bahamas-based trading desk, which is geared toward promoting investment by Brazilian and Latin America clients in the offshore market. The objective of the platform is to provide self-directed clients with access to foreign assets in an easier, more streamlined and flexible way.

“We set up this trading desk to meet a rising demand from our clients. We believe this new service works best when the provider is in direct contact with the client,” said Carlos Albertotti, commercial director of Itaú Private Bank in Miami. The new services are tailored for investors with specific investment needs, a strong familiarity with international financial markets and a high degree of sophistication in investing.

To run the new desk, five professionals were hired, four of whom came from Credit Suisse Bahamas: Gustavo Fraga Abrunhosa, Marcelo Aagesen, Carlos Eduardo Fernandes and Gilmar Oliveira. The fifth member of the trading desk, Alberto Tani, comes from UBS Brazil. The team will be headquartered in The Bahamas and will report to Roberto Martins, head of global wealth services for Itaú’s international private bank based in Miami.

“Coming from a position of leadership in the internal Brazilian market, our goal is to become the private bank of choice for Brazilian clients investing offshore,” said Carlos Constantini, CEO of Itaú USA and head of international operations for Itaú Private Bank. Currently, Itaú Private Bank is ranked third-largest among private banks that manage the wealth of Latin American clients in offshore markets, with US$22 billion in assets under management. This amount represents 20 percent of Itaú’s total private banking portfolio.

Miami is the international headquarters of Itau Private Bank. The offices of Itau Private Bank in Chile, Paraguay, The Bahamas, New York and Zurich all report to Miami.

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