Brazil’s second largest bank Itau reported has been authorizated to open an office in Colombia, said international financial media Wednesday.
Itau is currently Brazil’s most profitable and second largest bank by assets.
The bank said the first Colombian office would be operated by its investment unit, Itau BBA, and would have an initial capital $200 million.
Itau said it expects to receive authorization for full operations in Colombia in the second half of this year.