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Banco Itaú Acquires Private Banking from HSBC Bank (Chile)

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Banco Itaú Acquires Private Banking from HSBC Bank (Chile) Corporate Communication Banco Itaú acquires private banking from HSBC Bank (Chile) The operation contemplates the sale of Advance y Premier segments by HSBC to Itaú, consolidating Itaú as the leading bank in the high-income segment in Chile. Santiago, Chile / September 29, 2011 Banco Itaú Chile made an accord with HSBC Bank (Chile) to acquire the private banking the English entity has in Chile, thus establishing its leadership in the high-income segment (ABC1). The operation signifies that Banca Premier y Advance’s current client portfolio, together with executives and employees of HSBC and its 4 branches located in Santiago, will become part of Itaú Bank, which will attain a total of 84 branches in Chile. The total assets involved in the transaction exceed 20 million dollars and over 4000 clients. Boris Buvinic, general manager of Banco Itaú Chile, pointed out, “we are very satisfied with having reached this accord, which will permit us to consolidate our leadership in the high- income segment in Chile. Currently, we have an 18% share of this market, and we aspire attaining 25% in the following years.” Furthermore, he stated, “we have given our most cordial welcome to the clients of HSBC and they may rest assured that they can count on our permanent commitment of offering them excellent service.” It is worth noting that Banco Itaú was recognized as the bank with the best service in Chile according to the latest study conducted by the company Ipsos. The General Manager of HSBC Bank (Chile), Gustavo Costa, stated that “today, we want to focus on the areas in which we are more competitive and thus continue putting all of our international experience and leadership into offering our corporate and institutional clients the best service, just as we have done in the nearly 30 years that of our bank in Chile, the world’s most important global bank. The executives explained that once approval from the Superintendence of Banks and Financial Institutions is obtained, the integration process will begin, which should culminate by the end of this year. Banco Itaú Chile Banco Itaú Chile is an affiliate of Itaú Unibanco, one of the world’s 10 biggest banks in terms of market capitalization, with US$ 70.7 billion. Headquartered in São Paulo, it is the only Latin American bank to be a part of the Dow Jones Sustainability World Index for the 12th consecutive year. It enjoys presence in 21 countries and a strong focus on Latin America, with operations in Brazil, Argentina, Paraguay, Uruguay and Chile. Banco Itaú Chile has over 100,000 ABC1-segment clients, with total assets exceeding 7 billion dollars, over 2200 employees and increasing participation in the business client area. Itaú evidences the largest growth of its business when compared to the 10 leading entities of the Chilean banking industry, attaining a 24% increase in 2011. HSBC Holdings plc: HSBC Bank (Chile) is an affiliate of HSBC Holdings plc., which with headquarters in London is one of the world’s top banking and financial services organizations, with a market capitalization of US$ 180 billion on December 31, 2010. HSBC operates via consolidated transactions and counts on an international network of 7500 offices in over 80 countries and territories in six regions: Europe, Hong Kong, the remainder of Pacific Asia, the Middle East, North America and Latin America. Corporate Communication – Itaú Unibanco +5511 5019-8880/8881 / [email protected] .
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