Share the article
twitter-iconcopy-link-iconprint-icon
share-icon
AmericasMarch 7 2005

Latin money heads home

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.
Share the article
twitter-iconcopy-link-iconprint-icon
share-icon

For many foreign banks, entering Latin America’s private banking scene is a natural step. Many are now entrenched in the region, have acquired local institutions with a healthy client base, and see the benefits of catering to the onshore market, particularly if collaboration can be struck with foreign headquarters.

Building trust

To continue reading, join our community and benefit from

  • In-depth coverage across key markets
  • Comments from financial leaders and policymakers worldwide
  • Regional/country bank rankings and awards
Activate your free trial