Heritage Bank & Trust, a Geneva-based private bank, is to acquire, with a group of other investors, Banco Surinvest, a Uruguay-based financi...

Heritage Bank & Trust, a Geneva-based private bank, is to acquire, with a group of other investors, Banco Surinvest, a Uruguay-based financial firm. The Geneva bank is one of a group of investors working under the name Uruguay Futuro, which plans to take a stake in Surinvest. Reports in the Latin American press say Uruguay Futuro will buy a majority stake and make a $16 million capital injection into Surinvest. Surinvest is currently 100 per cent-owned by Cayman Island-based Surinvest International Limited, a holding company composed of the International Finance Corporation, Holland's Rabobank, the Argentine unit of UK banking group HSBC and Brazil's third largest private bank Unibanco, among others. Heritage Bank is believed to be one of the biggest groups behind Uruguay Futuro.