Although the offshore market is important to Latin Americans, some are now being tempted to bring their wealth onshore. Monica Campbell reports.

Thanks to a strong, more stable local banking sector, the trend among affluent Latin Americans to have their assets managed offshore is slowly reversing. Sensing an opportunity, many foreign powerhouses, such as US banks Citigroup and JP Morgan, Swiss bank UBS and the UK’s HSBC, are setting up private banking shops in the region, hoping to convince the wealthy to do their financial shopping locally, instead of heading to Miami.

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