Several Brazilian banks are expanding their operations in Miami this year due to increased demand for their services, Bloomberg reports.
Itaú Private Bank (Brazil) has doubled assets in Miami to $10 billion in the past three years, and will expand the number of employees in the city to 165. No customers are U.S. citizens, due to regulations.
XP Investimentos CCTVM SA (Brazil) expanding to 25 employees in Miami this year.
Grupo BTG Pactual is to open a new office in Miami this year.
Andbank (Andorra-based) is expanding to 25-30 employees in Miami this year.
The expansions come as economic conditions have deteriorated in Brazil. Clients are said to be looking to escape the country.