Brazil’s private banks compete head-on for risk-averse clients
With the number of high-net-worth Brazilians increasing rapidly, private banking is buoyant but highly competitive. However, customers’ preference for safe fixed-income investments restricts margins and banks are trying to foster more lucrative products. Rob Dwyer reports.
|Private Banking and Wealth Management Survey 2011
|Full results index
BRADESCO WEALTH MANAGEMENT’S 2010 results – released to Euromoney before their official publication – can be seen as a microcosm of the wider private banking industry in Brazil. This is unsurprising given Bradesco’s central position in wealth management in the country – it rises from seventh to fourth place over all in Brazil in this year’s Euromoney private banking survey – but also instructive about growth in the business. Assets under management rose 27% last year. Bradesco has a further 25% growth in AUM in the budget for 2011 and João Albino, director departmental of Bradesco Private Bank, is not fazed by the target.