RIO DE JANEIRO, BRAZIL - The United Kingdom's exit from the European Union and the opportunity to attend to high-net-worth clients has led Brazilian banks to increase their presence in Portugal.

Itaú Unibanco will open a new office in the country this month, while BTG Pactual has received the backing of the local regulator. XP Investments and Bradesco are also circling the Portuguese market.

The total number of Brazilians living in Portugal has been increasing for years, but this trend intensified in 2019. The Brazilian population living in the country grew 43 percent last year, according to data . . .

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