Cleary Gottlieb Steen & Hamilton has opened for business in Sao Paulo after receiving approval to launch from the Brazilian authorities.

Capital markets partner Juan Giraldez and corporate finance partner Francisco Cestero have relocated from New York and Rome respectively to head up the new base.

The office – Cleary's fourteenth worldwide and second in Latin America alongside Buenos Aires – will initially be staffed with around 10 lawyers covering a range of work including capital markets, project finance, restructuring, cross-border M&A, regulatory, tax, corporate governance, litigation and arbitration.

Cleary, which has to date handled much of its work for Latin American clients out of its New York base, has built a reputation as one of the leading international advisers for the region's major corporates, and in September 2010 advised Brazilian oil giant Petrobras on its record-breaking $75bn (£49bn) share sale.

Cleary managing partner Mark Leddy said: "Brazil is a significant part of our Latin America practice, which began over 50 years ago and now includes more than 100 lawyers.

"Our Sao Paulo office will enhance our ability to provide the best possible legal services to our clients with interests in Brazil and throughout the region."

The office opening comes after US rival Davis Polk & Wardwell recruited two Sao Paulo partners from Mayer Brown ahead of a local launch. Banking and finance partners James Vickers and Stephen Hood joined Davis Polk this summer to lead the project.

A raft of international practices have launched in the fast-growing Brazilian market over the last three years, including Skadden Arps Slate Meagher & Flom, Allen & Overy, Gibson Dunn & Crutcher, Simpson Thacher & Barlett and Milbank Tweed Hadley & McCloy.