July 2009
Brazilian banking: Itaú sets sights on expansion beyond Brazil
Setubal wants to buy outside Brazil; Barbosa confident that Santander Real merger will be complete within a year
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"We have a very strong share of the banking system in Brazil and now we should look beyond Brazil’s borders more"
Roberto Setúbal, Itaú Unibanco |
Roberto Setúbal, chief executive of Itaú Unibanco, has never been shy about showing his ambition. Following the acquisition of Unibanco in November, he is already thinking about his next move – and this time it might be cross-border.
"Since our merger with Unibanco, we believe that the next step will be a more international move, not just a local step. We have a very strong share of the banking system in Brazil and now we should look beyond Brazil’s borders more," says Setúbal.
"Itaú is present in the Mercosur countries [Argentina, Brazil, Paraguay and Uruguay] already but we want to be a regional bank," he adds. "However, despite the...
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