Itau Gets IB Approval in Colombia

Brazil’s central bank has granted Itau BBA, Itau’s wholesale and investment banking unit, approval to operate in Colombia. The bank, along with other Brazilians institutions including BTG, is said to be shopping in Colombia. Itau was recently said to be a finalist to take the 50% of Colpatria bought by Scotia in October. Itau BBA operates in Argentina and Chile and has a representative office in Peru.