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The Financial Services Agency said Tuesday it has authorized Banco Itau SA, the third-largest Brazilian commercial bank in terms of assets, to open a branch in Tokyo.

Specializing in retail banking operations, Banco Itau will offer remittance and other services mainly for the large Japanese-Brazilian population in the northern Kanto and Tokai regions.

The Tokyo branch will open for business Oct. 1.

Banco Itau is the third Brazilian bank to engage in branch operations in Japan, after Banco do Brasil SA and Banco do Estado de Sao Paulo SA.

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