As the oldest private bank based in the southeast of Brazil – the traditional powerhouse of wealth in the country – Itaú Private Bank has an inbuilt advantage when it comes to managing the generational succession in private banking.
However, competition is heating up. And not just in the bank’s traditional heartlands, but in the states where new wealth is increasingly being generated, which has seen Itaú try to leverage its brand into these new geographies.
A key element of Itaú’s brand is the trust that it is given by its clients to manage the issues of succession: the bank has a specialized division that helps intergenerational wealth transfer, from planning to execution.
In recent years, this service has migrated online – either for primary use or as a supporting tool to reinforce in-person advisory.
Itaú Private Bank has a specialized division that helps intergenerational wealth transfer, from planning to execution
Proposed changes to the country’s tax rules regarding accumulated wealth have also created a need – and opportunity – for Itaú’s private bankers to engage with their client base.