By Rogerio Jelmayer

SAO PAULO--Intesa Sanpaolo SpA (ISNPY, ISP.MI) on Monday announced the launch of a unit in Brazil, becoming the first Italian bank to operate in Latin America's largest nation.

The opening came after the bank obtained authorization from Brazilian regulators to operate as a commercial bank and investment bank, including approval to operate in local currency and on the foreign-exchange market.

"The launch of operations at the new Sao Paulo branch represents for our group a much anticipated consolidation in a market that has always been important for us," Gaetano Miccichè, the bank's general manager, said in a statement.

Intesa Sanpaolo is entering in a highly concentrated market. In Brazil, the six largest banks represent around 90% of the total system, according to the central bank.

Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com

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