Itaú Unibanco Holding SA aims to expand its global private banking business by between 5% and 10% annually, Valor Econômico reported.

To achieve its goal, the bank has hired Nicholas McCarthy, a former executive at Banco Safra SA's management firm, to be the head of investments and portfolio allocation for Itaú's wealth management division, according to the Dec. 7 report.

With over 200 billion Brazilian reais in assets under management and 300 employees, Itaú Private Bank is the biggest player in this segment in Brazil, the publication noted. Outside of Brazil, the bank has between 70 to 80 billion reais in assets under management and 300 executives at its offices in Zurich, Miami, Chile and Argentina, according to the report.

As of Dec. 8, US$1 was equivalent to 3.40 Brazilian reais.