The stock of Itau Unibanco Holding SA (ADR) (NYSE:ITUB) closed at $13.45 gaining 1.24% in yesterday’s trading session. On Thursday, the company made an announcement revealing that central bank had finally given approval towards the purchase of the Citigroup Inc (NYSE:C) retail banking unit in Brazil.

If everything moves according to plan, it hopes to complete the deal by Oct. 31. The purchase of Citigroup’s retail and insurance assets in Brazil cost about $220 million and that further cemented the overall leadership of Latin America’s No. 1 bank in terms of the market value among affluent clients countrywide.

One of the Brazilian financial firm’s arms on Wednesday came forward to state that it looked forward to a rise in its revenue across Latin America outside Brazil. In the previous year, Itau Unibanco is said to have pocketed about 70% of its revenue from a series of operations in Brazil as well as from a number of other Latin American countries.

The vice president of Itau BBA, Jean-Marc Etlin during a recent news conference said that they were making preparations to kick start operations in Mexico with an estimated number of about 50 employees. The bank remains confident that it will be experiencing more capital market activities in Mexico. It was a difficult first half for most of the Brazilian investment banks back in 2015.

The corruption investigation at Petróleo Brasileiro SA sparked much uncertainty among a significant number of investors and that ended up hurting the capital market activity, including share and bond issues.

The company’s spokesperson opined, “Our recent move is essential towards helping us generate more revenues in the global markets. We are looking forward to a bright future that will see us outshine the rest.”

One of the top officials working with the company said that the decision to buy the Citigroup retail banking unit in Brazil was part of their expansion plans.