Banco Itaú CEO Roberto Setúbal is a legend among investors for delivering double digit returns to shareholders throughout his 11 years at the helm.
When Bank of America took a stake in Brazil's second largest
private sector bank in May, it cast a clear vote of confidence
in the skills of the country's leading bankers, and in
particular, Roberto Setúbal, chief executive of Banco
Itaú. Thanks to skilled financiers, a number of
Brazilian banks have resisted the temptation to sell out to
foreigners over the years and locally owned franchises continue
to dominate the Brazilian market. "They have good reputations,
good products and are very well established," Setúbal
states matter-of-factly. "And they were not for sale when
foreign banks tried to enter the market. Foreign banks often
had to buy second-tier banks." This is no boast. According to
Economática, a Brazilian consultancy, Itaú was
the most profitable publicly listed bank in the world last
year, with return on equity of 35.6%. Other...
Already have an account?
Subscribe now for unlimited access to all current and archive news, data and market analysis.
Take a free two-week trial now for the latest news, data and market analysis.