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.

Itaú Private Bank wins the award this year for best bank in wealth management in Latin America.

Itaú buys XP to protect its market share; staggered deal offers XP a certain future away from IPO risks.

Sale of JV stake will boost capital ratios but adds strategic uncertainty, while the acquisition further strengthens Brazil’s largest private bank.

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.

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.

Extensive retail finance acquisition; Sector still strong despite government curbs

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.

Fit of family cultures closer than with rival Bradesco.

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.

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.

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.

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

Solid performers that buck the trend