Awards for Excellence 2017
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| Full results |
Itaú Private Bank wins the award this year for best bank in wealth management in Latin America.
The bank, led by Luiz Ribeiro, had an incredible year, posting a near 63% increase in net income and 22% revenue growth. In part, that is due to refocusing the bank’s efforts on key markets, leaving Mexico and investing in Argentina, Chile, Colombia, Paraguay, Uruguay and Peru, as well as to the client-centric focus of the bank, particularly around advice.
Last year, the bank hired a new global CIO, Nicholas McCarthy, to bring together the investment selection process. That is in line with the bank’s decision to move away from a product distribution model to one of advice and asset allocation.
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Nicholas McCarthy, |
This focus on advice paid off for the bank’s Brazilian clients after Itaú correctly called the rally in fixed income and an appreciation of real interest rates. The bank also outperformed its peers in hedge fund returns.
This year, private banking clients got access to a mobile platform that gives them an entire service experience with the bank, through video calls, emails, apps and SMS capabilities. It is part of a push to become a digital private bank – and it is working. In 2016, more than two-thirds of the bank’s clients used Itaú’s digital channels.
The bank also has a strong team-based approach that fosters innovation. All employees are encouraged to suggest new ideas that would improve the client experience, while an annual innovation challenge is run for new product and service ideas.
