Andbank targeting wealthy Brazilians living in Miami
Wed, Jul 19, 2017
Bloomberg
Andbank, an Andorran private bank with US$26 billion under management, is joining the rush to grab market share among wealthy Brazilians living in Miami.
The micro-state’s largest bank has hired seven people for its Latin America private-banking business in Miami this year, bringing the total to 22, and could add as many as eight more by the end of the year, Andbank managing director and head of Americas Carlos Moreno de Tejada said in an interview in Sao Paulo, Brazil.
“We’re interviewing at least one banker or independent financial adviser a week,” Tejada said. “Competition for hiring in Miami is fierce and obtaining a visa is becoming a serious difficulty.”
Miami is a destination of choice for many Brazilians given its proximity to Latin America, cultural identity and similar climate.
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