Plural Set for NY Operation

Brasil Plural, the Brazilian bank previously known as Plural Capital, has received approval to begin operations at its New York office, according to sources familiar with the matter. The US arm is to be headed by Sebastien Chatel, who was previously head of LatAm equities at Bank of America Merrill Lynch before stepping down in 2010. The US nod follows the recent approval of Plural’s banking license in Brazil, and the name change, as it looks to join other Brazilian brokerages and asset managers in expanding offerings and in this case capitalizing on demand for Brazilian debt and equity products from US institutional clients. The shop founded by ex-Pactual bankers including Rodolfo Reichert and Andre Schwartz bought the Flow brokerage in Brazil last year, and is awaiting final approval of the purchase of Geracao Futuro agreed in May. A move for Banco Modal was attempted last year and withdrawn. Compatriot Banco Pine is also in the process of setting up an New York operation.