Itaú BBA, the wholesale and investment banking unit of Brazil’s largest non-government bank, on Wednesday poached four senior bankers from international rivals to beef up its Latin American, European and Brazilian mergers and acquisitions advisory unit.
Itaú BBA hired Javier Graña from Morgan Stanley & Co to help the Latin American unit for M&A, based in Argentina. Marcel Patiño, a former Citigroup Inc dealmaker, was hired to help develop Itaú BBA’s investment-banking platform in Colombia, the bank said in a statement.
Ignacio Pérez-Cossio will join Itaú BBA’s Madrid office from UBS AG, while Thiago Maciera, a former Goldman Sachs Group Inc, will help bolster the Brazilian M&A unit in the telecommunications and utilities area, the statement added.
Itaú BBA’s parent company Itaú Unibanco Holding SA is betting strongly on investment banking as a source of revenue now that interest rates in its home turf are near a record low and credit growth is slowing. Itaú BBA helps 3,100 corporate clients of Itaú Unibanco sell debt and equity, merge with rivals and hedge against sudden changes in interest rates and currencies. (Editing by Dan Grebler)