Latin American banks work hard to keep up with demand
Growth in Latin American high-net-worth assets continues to outstrip that of other countries as the local economies boom. Helen Avery asks the region’s top-ranking private banks how they have been reacting to burgeoning demand.
IT HAS BEEN a bumper year for private banks in Latin America. According to the Euromoney 2008 private banking poll, net incomes for private banks increased in Brazil by 29.3%, in Mexico 19.5%, in Argentina 18% and in Chile 11%. The four countries remain the largest markets for wealth managers in the region, and the battle between the domestic and global private banks there is increasing. The good news is that Latin America’s wealth is growing at a rate that should allow room for all banks over the next few years. High-net-worth wealth in Latin America is expected to grow at an annual rate of 7.2%