Italy's Intesa Sanpaolo has announced the opening of a subsidiary bank in Saõ Paulo, Brazil in the next months.
Italy’s Intesa Sanpaolo has announced the opening of a subsidiary bank in Saõ Paulo, Brazil in the next months.
Intesa Sanpaolo is waiting to obtain the commercial bank and investment bank licences with authorisation to operate both in local currency and on the forex market.
It will therefore be a “Banco Múltiplo”, or multi-purpose bank, according to the Brazilian banking authority’s definition, and will act as a true business partner to all effects and purposes, working alongside Italian businesses
and Brazilian and international companies operating in the country.
Fully dedicated to corporate customers, the new operations unit will form part of the International Department of the Corporate and Investment Banking Division and will operate closely with the Group’s international network and Italian structures.
From the point of view of industrial sectors, a special focus will be placed on such as infrastructures, oil and gas, energy and agriculture, Intesa Sanpaolo said.
The Saõ Paulo office will provide a platform of products and services to meet the needs of customers, providing them with commercial development and investment support, the bank also said.
In particular, businesses will be able to make use of dedicated advisory services for their entry to the Brazilian market and for promoting cross-border activities such as loans for exports, credit insurance, export factoring and international project finance.
The subsidiary bank will also offer a set of services for the management and growth of Brazilian branches of corporate customers such as cash management to short, medium and long-term lending; structured finance to investment banking and capital markets, which will be implemented in partnership with Banca IMI, Intesa Sanpaolo Group’s investment bank.
Gaetano Miccichè, general manager and head of the Corporate & Investment Banking Division of Intesa Sanpaolo.
“Brazil constitutes another milestone in the growth of our organisation at international level.
“This path is one that we consider indispensable, one that will allow us to accompany businesses on the global markets.
“We will be able to seize upon the best opportunities for growth and internationalisation of our business, as well as to make our experience, professionalism and network available also to local and international customers in Brazil.”
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