Banco Itau Holding Financeira, Brazil's largest non-government bank by market value, has agreed to buy ABN Amro international private banking assets of clients in Miami and Montevideo for $150 million. The transaction, which may be concluded in about 60 days, involves $3.3 billion of assets registered in the US, Switzerland and Luxembourg and will increase Itau’s private banking assets under management to $23 billion. "We are interested in developing the private banking business in Latin America, and we are open to analysing any opportunity that shows up," Lywal Salles, the Sao Paulo-based director of Itau's private banking division, told Bloomberg. The price paid was 4.5 per cent of the assets under management acquired. Last November Banco Itau agreed to buy two private banking units in Europe from Bank of America. The bank paid $155 million for BankBoston International and BankBoston Trust Company which focus on Latin American private banking clients.