Merrill Moves into Chile with Broker Acquisition

Merrill Lynch has agreed to acquire Chilean equity brokerage firm Ureta y Bianchi Corredores de Bolsa. The purchase is part of a plan to build an investment banking platform in Chile, says the US shop. With the purchase, Merrill said it expects to service local, regional and international institutional investors and corporate clients. The brokerage will be renamed to incorporate the Merrill Lynch brand name. Francisco Ossa, a Ureta y Bianchi partner, will head Merrill Chile’s local equity business, joined by Manuel Jose Ureta, Alfredo Ureta and Ignacio Perez, also former partners. Hans Trautmann, Merrill Lynch’s senior fixed income banker based in Santiago, will oversee the development of FICC business in the country. Daniel Gonzalez will continue as the head of the Southern Cone countries, overseeing Chile, Argentina and Uruguay. Terms of the transaction were not disclosed.