Citigroup Global Markets Brazil has bought Brazilian brokerage house Intra Corretora de Câmbio e Valores.
Citi acquired Intra for around 129 million reais (US$81 million) on 18 June. It is the first time that a foreign financial institution has bought a Brazilian brokerage company.

The purchase will add a retail brokerage to Citi’s banking and equities operations in Brazil.

Intra specialises in managing assets of investment clubs and is one of the last independent brokerages in Brazil, following a period of consolidation in the financial industry.

In March, Brazil's largest private bank, Bradesco, acquired brokerage Agora Corretora de Titulos e Valores Mobiliarios for 830 million reais (US$516 million), covered here by LATINLAWYER.

The Citi transaction is subject to approval by regulators in Brazil and the US.

Counsel to Citigroup Global Markets

Pinheiro Guimarães - Advogados
Partners Maria Amélia Lisbäo Senra and Marcelo Lamy Rego

Shearman & Sterling LLP
Partners Alberto Luzárraga and Larry Bambino and associates Stephen Vander Stoep and Ethan Harris
Counsel to Intra
Machado, Meyer, Sendacz e Opice Advogados
Partner Flávio Roberto Penteado Meyer and associate Guilherme Meirelles Bruschini
(Latin Lawyer 26.06.2008)