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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