Merrill Lynch is seeking a license to operate deposit and lending services for wealth management clients in Brazil, Antonio Costa, Merrill's complex director in Sao Paulo, told the newswire in an interview.

Merrill set up wealth management operations in Brazil late last year, with 15 financial advisors now on the ground catering to clients with more than $1 million in net assets.

Costa told Dow Jones the firm is planning to add five to six more advisors in Sao Paulo.

Merrill is among the global wealth managers setting its sights on the booming BRIC country. FWR reported earlier this year that UBS re-entered the Brazilian wealth market launching UBS Wealth Management in Sao Paulo.