Brazilian Banco Itau is to offer private banking services in Switzerland and Mexico to attract investors requiring Brazilian assets, according to a Bloomberg interview given by Lywal Salles, Itau's director for private banking. Mr Salles said: "Foreign investors increased their interest for emerging markets. It is very interesting to have investments in reals since real interest rates are at 7 per cent." About 30 per cent of Itau's $26 billion in assets under management in its private banking unit is from non-Brazilian clients and Itau plans to add 20 people to its 520-member private banking staff. Assets under management by private banks in Brazil are also rising by about 30 per cent annually, according to Mr Salles. Itau Private Bank has spent $305 million over the past two years to expand internationally. In 2006, the Sao Paulo-based bank acquired private banking units of Bank of America in Chile and Uruguay. In 2007, it bought ABN Amro’s private banking units in Miami and Uruguay.