Willis has secured majority control of its retail operations in Argentina by finalising the buy-out of a 20% stake in Herzfeld & Levy.
On completion of the transaction, Willis will have a 60% stake in the broker.
Headquartered in Buenos Aires, Herzfeld & Levy has 160 employees and provide services for a range of large and mid-sized corporate clients, said Willis.
Willis chairman and chief executive Joe Plumeri, said: “A key element of our strategy for our International business is, where possible, to secure majority or full control of our operations in growing markets.
“We are excited by our growth prospects in Argentina, which is emerging from recent economic difficulties. Moreover, we have ambitious expansion plans for Latin America as a whole and are confident we can achieve significant growth in both Argentina and the wider Latin America region.
Roberto Herzfeld will continue as managing director of the Argentinean broker.
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