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Itaú rules out further LatAm M&A until consolidation in Colombia wraps

Itaú Unibanco Holding SA won't pursue new acquisitions in Latin America until Itaú CorpBanca's business in Colombia becomes fully consolidated, CEO of Banco Itaú BBA SA Eduardo Vassimon told Reuters.

The process of integration, which is expected to take another year, has been facing underestimated difficulties, according to the executive, who cited "problems in systems and processes."

Brazil-based Itaú Unibanco merged its Chilean operations with Corpbanca in 2016. The combined entity operates in Chile, Colombia and Panama.

In a meeting with journalists, CFO Caio Ibrahim David also reportedly said that Itaú BBA seeks to boost digital tools to expand its retail business in the region.

He also predicted that a rebound in capital markets activity will take place come the turn of the year. Coincidentally, however, an initial public offering by Banco BMG SA was called off due to weak demand from foreign investors.

David will become the company's new chief executive as Vassimon reportedly plans to retire soon.