The deal is expected to close at the end of this month.

Swiss private bank Bordier is buying an independent investment advisory firm in Uruguay for an undisclosed sum, the bank has confirmed to this publication. 

Geneva-based Bordier is acquiring Helvetia Advisors, which was founded eight years ago. Reports state that it has three senior bankers, and support staff. The business supports the “southern cone” region of Latin America.

Bordier has been present in Montevideo, Uruguay’s capital, since 2007. The firm said that it expects to close the acquisition as of today if it gets regulatory approval.

“We consider it of strategic importance being physically close to our client base while offering an independent open-architecture product platform through multiple digital channels," Daia Feigenwinter, the head of Latin America and Iberia at at Bordier & Cie, said.