The joint venture will operate under MCC brand and will combine the Chilean firm’s US$2bn assets under management, which were acquired by Itau when it took over BankBoston operations in 2006.

In a statement Joao Medeiros, director of Itau Private Bank International, said strengthening their presence in Latin America and especially in Chile is a top priority for growing their business, since it has highly sophisticated and very sound economic prospects.

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For Itau Unibanco, which is one of the largest financial conglomerates in the Southern Hemisphere, the challenge will to pull in those customers currently outside the market and being serviced by other competitors.

It is estimated that Chile’s wealth management market is expected to grow at 10-15% over the next few years.

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