Brazilian bank Itau Unibanco has set up an asset management firm in Tokyo aimed at offering Japanese institutional clients investment trusts. It has already netted more than half of the $22bn of investment trust flows from Japan into Brazil.rnStandard Chartered, HSBC and UniCredit have applied for licences to start banking operations in Libya, as the country strives to open up its economy to foreign investors. The Libyan government is expected to grant two licences later this year.
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