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“In times of crisis investors around the world seek the safe refuge of government bonds, but in Brazil they rush to put their assets in Itaú.”
It’s an old line from bankers at the country’s largest private financial institution, but it seems – as the economy enters its second year of sharp recession – to be true.
Brazil’s biggest private bank – it enjoys a market share of onshore wealth management of around 27% – is getting bigger.
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