Brazil's Itau Unibanco Holding given green light for investment banking in Colombia

Itau Unibanco Holding, Brazil's second-largest bank in terms of assets, received authorization from Colombia's financial authorities to open a representative office there.

The bank said it will operate in Colombia via its investment banking unit Itau BBA, and expects to receive authorization from Colombia to start full operations in the country the second half of this year.

After receiving authorization, the bank will adopt the name Itau BBA Colombia and will have an initial capital of $200 million.

Source: Dow Jones