Brazilian bank Itaú Unibanco is set to establish a centralised wholesale banking operation in London as it looks to expand its business with international clients, citing the city’s strategic and geographic benefits for the move.

According to filings with Companies House in July, the plan is to merge Banco Itaú BBA International, SA, its Lisbon-based wholesale banking operation, with Itaú BBA International Limited, a UK subsidiary, and in the process to transfer the bank's wholesale headquarters to London.