In the Spotlight
Banco Itaú, our Bank of the Year, has had another blockbuster year studded with bold acquisitions and savvy new business lines.
When Brazilian financial group Banco Itaú announced
its tie up with US financial powerhouse Bank of America earlier
this year, it was clear that the spotlight perhaps
brighter than ever would be on the bank and its dynamic
CEO, Roberto Setúbal. Months later, the flashbulbs are
still popping as Itaú moves into Chile and Uruguay. Not
only has the Brazilian bank stood its ground at home in a
fiercely competitive market. It's now leading the regional
charge as well for local financial firms looking to expand in
The glare aside, Itaú has been a pillar of
profitability for many years. According to Brazilian
consultancy Economática, Itaú was the most
profitable publicly listed bank in the world last year, with a
return on equity of 35.3%. Furthermore, and in spite of some
rocky economic times in Brazil, that performance hasn't dipped
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