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LATEST ARTICLES
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The paradox of Itaú is that it has maintained its leadership of Brazil’s banking sector with an ease and assuredness in recent years that belies the radical and continual transformation going on under the surface. The bank’s CFO, Alexsandro Broedel, tells Euromoney that its management’s only real constant is to view every new player as an existential threat – and react accordingly.
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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.
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The echoes of 2014 have been loud in Brazil’s private banking industry over the past 12 months. A precipitous fall in interest rates – followed by a meteoric rise – has left the market completely the same but also very different.
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Itaú’s Argentinian firm is its smallest. Nevertheless, innovation in its retail segment could be a game-changer in the country – and potentially the region.
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The chance to acquire Citi’s Mexican business could attract some unexpected bidders.
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Covid barely dented the strength of the banking system and most banks have been steadily releasing the provisions they took. Euromoney talks to the leaders of our 25 reviewed banks and others about the challenges they face as the world normalizes.
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The CEO and CFO aren’t about to abandon the physical in the chase for digital business.
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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.
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Milton Maluhy officially became Itaú’s new CEO at the beginning of February. He now faces the challenge of cutting the bank down to size.
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Brazil’s fintechs and digital challenger banks are making more ground than traditional firms with the central bank’s new payments system.
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Itaú Unibanco continues to outperform its peers in Brazilian banking, but its traditional competitors aren’t the real problem.
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The penny is finally dropping – and bankers in Brazil appear to be taking deforestation in the Amazon seriously.
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The awkward truce in Brazil between XP Inc and Itaú broke down in a very public way in June.
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The bank may be at the peak of its value creation, as the government looks to promote greater competition in Brazilian banking.
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The region’s leading banks produce some of the best numbers in the global industry, and success in retail banking – and a hard-learned approach to risk management – are core; could the growth of digital banking bring a new era of change?
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Since Roberto Setubal became chief executive of Itaú Unibanco in 1994, the bank’s growth has been spectacular – but the next stage is harder to target.
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Itaú is performing well, but faces challenges in its corporate banking unit.
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A lower-profile announcement caught Euromoney’s eye after the bluster of the G20 meetings in Buenos Aires.
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The period under review for Euromoney’s Awards for excellence neatly captured a peak of strong performance by banks and investment banks in Latin America. Between April 1, 2017 and the end of March this year, there was a return to positive growth and, probably more importantly, genuine optimism about the fortunes of two of the largest economies in the south of the region, Argentina and Brazil.
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Bank of America and Citi win top prizes; Credit Suisse’s Tidjane Thiam is named Banker of the Year; Asian banks make their mark in global awards.
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Bracher admits “severe pressure” to reduce spreads; credit portfolios tilting to SME and consumer segments.
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Newly acquisitive Itaú's earnings have been remarkably resilient
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Itaú BBA has long been a top investment bank in Brazil. Recently, rumours of high turnover, a changing culture and low morale have been rife. But Roderick Greenlees, head of investment banking, says the bank remains an undisputed market leader.
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Itaú Private Bank wins the award this year for best bank in wealth management in Latin America.
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Itaú buys XP to protect its market share; staggered deal offers XP a certain future away from IPO risks.
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Sale of JV stake will boost capital ratios but adds strategic uncertainty, while the acquisition further strengthens Brazil’s largest private bank.
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Citi exit increases concentration; lack of competition ‘causing economic damage’.
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What’s a wealthy Brazilian to do faced with economic and political turmoil, scandal at one of the country’s leading private banks, and a big change to the tax law? Turn to the undisputed market leader in wealth management, it seems.
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The rise of Itaú, led by its chief executive, Roberto Setúbal, is one of the success stories of a generation in banking. Consistency and a canny approach to acquisitions have been the key to Setúbal’s achievements. And that is not going to change even as Itaú Unibanco cements its place as one of the world’s largest banks. Rob Dwyer reports from São Paulo.
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Extensive retail finance acquisition; Sector still strong despite government curbs
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The bank’s chief executive says it has little interest in risky opportunities in foreign emerging markets when it is based in the world’s strongest emerging market – one it fully understands. Rob Dwyer reports.
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Brazil’s Banco Itaú plans to open a Tokyo branch of its securities subsidiary, Itaú Securities, in the autumn. The subsidiary will become the first securities firm from the Bric countries (Brazil, Russia, India, China) to set up an operating base in Japan. The new branch will sell Brazilian stocks, bonds and other financial products to institutional investors.
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WHAT’S WANTED is quality of products and services, competitive prices, social responsibility and a deep commitment to the environment and ethics – Brazil’s high flyers are a picky lot when they opt for a bank, surveys find. One bank, though, fits the bill better than any other: Banco Itaú. Brazil’s biggest private sector bank delivers not just on these eclectic areas but also in income growth, strong profits and shareholder value for investors. It is the leader in its class not just in Brazil, but a benchmark for all banks in Latin America. Its achievements are recognised by Euromoney’s award for best bank in Latin America. Itaú’s philosophy of listening to the market and giving it the products and services it wants, together with keeping a tight lid on costs, is behind the bank’s ability to produce this balance. Its core philosophy is market-led expansion strategies, not grandiose, management-driven plans. Adaptability, an ability to spot good, organic commercial opportunities, together with a knack for buying and integrating companies flows from that market-driven mind-set. Speed helps, particularly in a market where lumbering government-owned banks are still leading players.
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Banco Itaú expects regulatory approval next month for its planned takeover of Bank of America’s BankBoston, a subsidiary of the former FleetBoston. In return, Bank of America will take a 6% stake in Itaú, valued at $2.2 billion. The deal adds $9.7 billion in assets to Itaú’s balance sheet, making it the largest private lender in Brazil. Itaú will also gain BankBoston’s 66 branches and 200,000 clients. Meanwhile, Brazil’s equity markets have erased nearly six months of gains on fears that rising US interest rates will draw investment away from emerging markets.
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Search the results Four years ago Brazil’s Banco Itaú committed itself to building a world-class private bank. Its efforts are already paying off
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