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Banco Itau, Brazil's leading private bank, announced today (September 21) the opening of its first broker/dealer office in Hong Kong.
"Itau Asia Securities is a bold effort to bring Brazil's growing investment opportunities closer to Asian institutional investors," Head of Itau's global brokerage business, Mr Roberto Nishikawa said.
"There is an increasing demand for diversification, especially as spreads shrink in traditional investment destinations. Asian investors are looking for alternatives, and we think they will find many opportunities in Brazil," said Mr Nishikawa, who is Japanese-Brazilian.
Headed by the Chinese Brazilian-born Ms Julia Chen, Itau Asia Securities will start with offering Brazilian equity IPOs, fixed income and structured products to institutional investors throughout Asia.
Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Simon Galpin, congratulated Banco Itau on its new office in Hong Kong. He said, "Hong Kong is proud of its world-class financial and banking system, as well as our superior information technology infrastructure and professional workforce. I am pleased that Banco Itau has selected Hong Kong to set up its base. We look forward to the opportunity to provide assistance as the bank grows and develops here, and wish the bank every success in the years to come."
Banco Itau is the largest private bank in Brazil. It offers retail, commercial, corporate and private banking services, as well as consumer loans, financial management, insurance, pension plans, treasury services, mortgage loans, lease financing, securities brokerage, and foreign exchange services. Through its investment bank arm - Itau BBA, the bank has been a top player in recent Brazilian IPO's and the leader in corporate domestic debt issuance. Itau Corretora, the brokerage arm, has offices in Sao Paulo, New York, London and now Hong Kong to serve foreign institutional investors interested in Brazilian investments.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing the support needed to establish a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Ends/Thursday, September 21, 2006
Issued at HKT 12:16
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