Latin American bank Itau Unibanco Holdings (ITUB) has entered into an agreement to acquire full control of Chile-based asset management company Munita Cruzat & Claro (MCC) for an undisclosed sum.
The acquisition will expand the bank’s footprint throughout South America.
Following the acquisition, Ramón Suárez will remain as chief executive of MCC, while Alberto Munita, Gastón Cruzat and Eugenio Claro, the founding partners of MCC, will continue to remain on the company’s board.
As part of the deal, Munita will be under the private banking segment of Itau, which has $83 billion in assets under administration.
In 2011, Itaú initially acquired a stake in Santiago-based Munita, Cruzat y Claro to boost Itaú Unibanco’s wealth management and private banking presence in Chile.
MCC focuses on managing the assets of about 350 high-net-worth clients.