Itau moves Europe investment bank HQ to London
November 28, 2012 5:21 AM EST
Itau BBA, the bank's corporate and investment banking arm, said it was transferring about 20 staff from Lisbon, which would increase its number of London staff to about 70 after extra hiring in areas such as Treasury, capital markets, risk management and compliance functions.
Almir Vignoto, head of Itau BBA in London, said business had been moved due to London's position as one of the major financial centres. The bank plans to serve the 300 largest European groups that own operations or investments in Latin America, he said.
The bank said it expected to get approval for merging the UK and Portugal businesses from the Financial Services Authority (FSA) early next year.
Back-office functions for Europe will continue to be maintained mainly from Lisbon, where the bank has about 100 employees. It also has offices in Madrid, Paris and Frankfurt.
(Reporting by Steve Slater; Editing by Helen Massy-Beresford)
Most Popular Slideshows
- Taylor Swift Named People's Best Dressed Stars Of 2014 [PHOTOS]
- Champions League Results: Barcelona Barely Escapes With A Win, Chelsea Fails To Hold On To The Lead [PHOTOS]
- Jeremy Lin, Kobe Bryant Among The Top 5 Overpaid Players In The NBA (Part 1 - Western Conference)
- Reasons Why Michael Jordan Is Better Than LeBron James [PHOTOS And VIDEO]
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid