Itau BBA Selects Broadridge to Support New U.S. Securities Lending and Repo Business
LAKE SUCCESS, N.Y., March 6, 2013 /PRNewswire/ -- Broadridge Financial Solutions (BR) , Inc. (NYSE: BR), the leading provider of investor communications and technology-driven business process outsourcing solutions to financial services firms and corporate issuers globally, today announced that Itau BBA has selected Broadridge's comprehensive technology and BPO operations solution to support its USD-based securities lending and repo business for its New York brokerage arm, Itau BBA USA Securities, Inc.
The agreement enables Itau BBA to leverage Broadridge's Business Process Outsourcing (BPO) solution to create a single platform to manage its U.S.-based Prime Services operations, technology and hosting needs. Broadridge's customizable and scalable BPO solution will also facilitate Itau's expansion into the USD-based securities financing and repo businesses.
"It is an exciting time for Itau as we launch our USD-based securities lending and repo business," said Gregory Wagner, Managing Director, Global Head of Prime Services at Itau BBA. "We are delighted to collaborate with Broadridge given their proven track record and industry-leading reputation, bundled technology and BPO offering, and domain expertise across securities lending and repo markets. Itau is confident Broadridge is the right strategic partner that will enable us to most effectively grow the businessaccelerating time to market and benefiting from their deep securities operations knowledge."
According to Joseph Barra, President, International Securities Processing and Global Outsourcing Solutions, Broadridge, "Broadridge's BPO model will allow Itau to minimize its fixed-cost investment in technology and operational infrastructure while also creating new revenue-generating opportunities for the firm as it ramps up broker-dealer capabilities in the U.S. marketplace. Itau BBA is a highly-respected institution and top name in the Latin American region as well as global banking communities, and Broadridge looks forward to continuing to build upon this new relationship."
This is the first agreement between Broadridge and Brazil-based Itau, the largest bank in Latin America with a market capitalization that ranks it among the largest financial institutions worldwide.
Broadridge Financial Solutions, Inc. is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally. Broadridge's investor communications, securities processing and operations outsourcing solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America, and processes more than $4.5 trillion in fixed income and equity trades per day. Broadridge employs approximately 6,200 full-time associates in 13 countries.
For more information about Broadridge, please visit www.broadridge.com.
About Itau BBA
Itau BBA is Itau Unibanco's Wholesale, Investment and Treasury Bank. Itau Unibanco is Brazil's largest financial conglomerate and one of the world's largest by market value. It has a portfolio of companies with revenues in excess of US$ 100 million and provides global services to around 1,300 of Latin America's largest companies as well as around 700 institutional investors. Itau BBA's service portfolio includes asset investment, merger and acquisition, share offering, securitization, derivatives, structured transaction, cash management, finance and guarantee services, among others.
For further information:
++ 55 11 3708-8921
++ 55 11 3708-8701
Kelly M. Howard
SOURCE Broadridge Financial Solutions