Private banking: Latin American wealth in context
Domestic private banks and family offices in Latin America are booming, as the region experiences the world’s fastest-growing wealth market and many clients transfer away from international houses because of their tarnished reputations.
Brazil’s biggest domestic private banks – Unibanco Private Bank, Banco Itaú Private Bank and Bradesco Private Bank – seem to be the main beneficiaries, as they are the main local private banks in Latin America’s biggest wealth market and private clients are concerned about wealth managers with high exposure to sub-prime woes.
Rich people in Brazil and in other important wealth markets in the region, including Mexico and Chile, are also becoming more inclined than before to leave or bring their assets onshore, as they are concerned about US dollar depreciation and the hit that developed market asset classes have been receiving.
Latin America’s wealth market reached $6.2 trillion in...
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