Merrill Lynch acquires Chilean presence

by Richard Kilner

Story link: Merrill Lynch acquires Chilean presence

Merrill Lynch & Co., Inc. yesterday announced that it is to acquire Ureta y Bianchi Corredores de Bolsa S.A, a Chilean equity broker firm.

The acquisition will be part of a wider move to establish a Chilean presence in the form of a Global Markets and Investment Banking (GMI) platform in the country.

By taking over Ureta y Bianchi Corredores de Bolsa S.A, Merrill Lynch will gain immediate access to the Chilean market, in addition to staff already familiar with the country.

James Quigley, Merrill Lynch’s Latin America and Canada president, has expressed optimism at the firm’s target of creating a multinational Latin American business platform.

Quigley went on to state the recent acquisition in Chile would be of benefit to local, regional and international investors.

Francisco Ossa, presently a partner with Ureta y Bianchi, is to lead the Lynch’s local equity business, which will be renamed to include the Merrill Lynch brand.

Ossa is to be joined by fellow partners Manuel José Ureta, Alfredo Ureta and Ignacio Perez, with Santiago-based Hans Trautmann tasked with supervision of the development of the FICC business in Chile.