Lazard Ltd. is expanding its services in central and South America with the acquisition of a controlling stake in an Argentina-based firm.

The firm announced today that it plans to acquire 50% of investment banking and asset management firm, the MBA Group. Lazard has had a strategic alliance with the firm since 2004. Established in 1981, MBA has advised national, regional and international clients in Argentina, Chile, Uruguay, Venezuela, Paraguay, Panama, Guatemala, El Salvador and Costa Rica.

The entity, to be branded MBA Lazard, will offer financial advisory services in the Latin American region. With its existing Brazilian joint venture, Signatura Lazard, and its investment in MBA, Lazard will now have coverage in all major financial markets in central and South America. The acquisition is subject to regulatory approval by the Central Bank of Argentina.

“Today’s agreement reinforces Lazard’s strategy to expand our financial advisory business, and our commitment to provide premium service to clients across geographies and industries,” said Charles Ward III, president of Lazard. “Over the past 25 years, MBA has built a strong network of financial advisory teams in the Latin American region, particularly in Argentina, Chile, Uruguay and Panama. MBA brings us a strong and dynamic presence in Latin America.”

“Our joining together creates a powerful combination of two successful, international financial institutions,” said Alejandro Reynal, chairman and CEO of MBA. “Lazard has a nearly 160-year history of providing advice on complex, financial transactions that transcend cultures, industries and geographies. MBA considers Lazard to be the best partner in our quest to expand our reach beyond borders and strengthens our commitment to expand our business in Latin America.”