Americas: Itaú Unibanco
Going from strength to strength, Itaú Unibanco has not only established itself as a dominant player in its home market, Brazil, it has also successfully expanded its operations across Latin America, in corporate, retail and investment banking. Its $3bn takeover of CorpBanca was not only the largest banking acquisition of recent years, it made Itaú the fourth biggest lender in Chile and the fifth largest in Colombia, where Santiago-based CorpBanca also has operations.
“We’re very happy about [the CorpBanca] transaction, it is very important for our future in Chile and Latin America; with this we become an important bank in two countries in the region [outside of Brazil],” says chief executive Roberto Setubal.
“Our international strategy is to become a regional player. We want to have a presence in most important countries in Latin America. This includes Mexico, Colombia, Peru and Chile, [as well as] Argentina, Paraguay and Uruguay, which are part of the Mercosur [sub-regional trade bloc].”
The Banker recognised Itaú’s achievements in its home market as well as its recent success in Paraguay and Uruguay, awarding the lender three individual Bank of the Year awards.
Itaú has indeed become a powerhouse in the region. It couples deep knowledge, experience and relationships in key markets with the ability to serve large corporates abroad, thanks to its operations in New York, London, Tokyo, Hong Kong and the Middle East. “We plan to be a bank that connects the region with the world, serving flows between investors, [foreign companies] and Latin America,” says Mr Setubal.
Being Latin America’s bank of reference is ambitious. Competition with global players is fierce as regional corporates intensify international trade and expand abroad. Multinationals moving to Latin America may wish to rely on the extensive networks of these international lenders. Mr Setubal is quick to acknowledge this, but is also confident in Itaú’s offering, which includes a deep understanding of its markets.
“We are a solid bank, with good capabilities. I think we can serve clients in different ways [to international banks] as we can leverage our operations in other countries in the region, especially in local currencies. When we talk about local knowledge, specialisation in the region, we are very strong,” he says.
