Itaú Unibanco: Foot on the accelerator

The optimal way to drive through a sharp turn in the road is to slow down before you reach it, before accelerating out from the mid-point of the curve. 

In much the same way, Itaú Unibanco has steered its way through the recent sharp recession in Brazil. 

In 2012, the bank shifted into a defensive posture in terms of credit risk, shifting its retail portfolio more into secured lending (mortgages, payroll loans and car loans) and hitting the brakes on extending unsecured credit to riskier individuals.