Brazil's Itau Unibanco (ITUB4.SA)(ITUB.N), Latin America's largest private sector bank, has signed an agreement with Chile's Munita, Cruzat & Claro to form a joint venture leading the Chilean market in wealth management. "Strengthening our presence in Latin America and especially in Chile is a top priority for growing our business, since it has highly sophisticated and very sound economic prospects," Joao Medeiros, director of Itau Private Bank International, said in a statement on Tuesday. The joint venture will carry the name of Munita, Cruzat & Claro (MCC) and will combine the Chilean firm's $2 billion under management with Chilean assets that Itau acquired when it took over BankBoston operations in 2006. The deal signals Itau Unibanco's efforts to gain presence in other Latin American countries where strong economic growth and more robust financial markets are boosting demand for specialized asset management companies.
Itau Unibanco Holding S.A. is a bank in Brazil. The Company has four operational segments: Commercial Banking, Itau BBA, Consumer Credit and Corporate and Treasury. Shares of ITUB remained unchanged at $20.34. In the past year, the shares have traded as low as $19.72 and as high as $26.30. On average, 12851400 shares of ITUB exchange hands on a given day and today's volume is recorded at 63050.
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