Brazil private sector bank Itau Unibanco has entered an agreement with Chile’s Munita, Cruzat & Claro (MCC) to form a joint venture, Reuters reports. The partnership will seek to lead the wealth management market in Chile.
The joint venture will carry the MCC name. It will also combine the Chilean firm’s $2 billion asset under management with the Chilean assets that Itau bought when it took over BankBoston in 2006.
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