Gruppo Intesa Sanpaolo is launching an advisory firm in Argentina in 2019 as the italian group continues to ramp up its LatAm operations.
Fideuram Intesa Sanpaolo Private Banking, the group's wealth management arm, is expecting to get the green light from Argentina's regulators in the first quarter of 2019 to open an investment advisory company, a spokesperson for the firm told Citywire Americas.
Intesa Sanpaolo is also setting up investment advisory companies in Brazil and Uruguay, the spokesperson said.
The firm, which has a São Paulo-based commercial and investment banking outpost, is currently searching for a Brazil country head for its new wealth arm. Intesa didn't provide a timeline for the launch of the new office.
In Montevideo, the firm is taking over Morval Vonwiller Advisors, a wealth management shop Intesa acquired as part of its purchase in April 2018 of the Swiss group Morval Vonwiller, which included private bank Banque Morval.
Intesa Sanpaolo already has 22 private banking staff in South America, mostly in Uruguay.