Broadridge Financial Solutions, Inc. (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 business-accelerating 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.