The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Digital banking: Itaú puts itself on the menu

This year was like no other in Latin American banking – and the huge leap forward in digital adoption throughout the region caused by the pandemic is here to stay.


Euromoney awarded Nubank the best bank Latin America in its 2021 regional Awards for Excellence, in addition to awarding it best digital bank in the region.

It is now unquestionable that the recent growth of digital banks, coupled with their cost-lite business models, have moved them beyond being a theoretical threat to brick-and-mortar banks – they are now very much an existential threat.

No digital bank has previously won this best bank award, but given how the industry is evolving, it is fair to ask: will a traditional bank ever win again? Is their story now just one of managed decline?

Maluhy is going to reform – not reject – the branch model

It’s a risk. And it’s one that Itaú – the biggest private sector in the region – has recruited to address. The bank chose Milton Maluhy, a mid-40s banker with a digital pedigree, to respond to this growing threat.

Itaú’s Q1 2021 results were Maluhy’s first full quarter flying solo as CEO and the interest was intense – not so much for what those results were, but for his comments on future strategy.

The first impressions were good.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree