Goldman Sachs, the US investment bank, has received regulatory clearance to set up a private bank in Brazil and an asset management division in the country, according to Brazilian publication Valor Econômico.

The Wall Street firm, in late May,  received permission by the Securities Commission to create Goldman Sachs Asset Management Brazil.

The private bank will be headed by Brazilian national Fernando Valada, who has previously worked for ABN Amro in the region.

The bank is targeting ultra high net worth clients with at least $30 million of investable wealth, according to the newspaper.

For the local team, Goldmans is making a number of appointments, including Marcia Zugaib, the former head of equities for Gavia Investimentos, and Andrea Cardia, formerly of US investment firm AllianceBernstein, the publication said.

In November last year, Goldman tapped HSBC Private Bank to hire Beatriz Sanchez as regional manager for its private wealth management business in Latin America. She had worked at HSBC for more than 20 years.