Kapital Bank Acquires Assets From Intercam Banco, Affiliates

Kapital Bank announced it has acquired assets from Intercam Banco, Intercam Casa de Bolsa and Intercam Fondos. The bank  plans to invest US$100 million in the business to support Intercam clients.

Details about the operations of the newly acquired entities were not disclosed. Kapital Bank stated that customers can continue using Intercam’s existing channels alongside the bank’s operational and technological infrastructure.

The acquisition follows allegations by US authorities in June against Banco Intercam, CI Banco, and brokerage firm Vector over suspected money laundering activities.

In related news, Bankaool recently hired more than 280 employees from Intercam’s foreign exchange desk. Actinver also announced it has taken over several trusts previously managed by CI Banco, including those linked to real estate investment trusts (Fibras).