Itau’s Miami Growth Fueled by Brazil Investors Escaping Mess

Itau’s Miami Growth Fueled by Brazil Investors Escaping Mess

Chamber Articles Category: Industry News Post Date: 07/13/17 Source: Bloomberg By: Jonathan Levin
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Brazil’s Itau Unibanco Holding SA says its Miami private-banking business is booming despite the political and economic crisis at home.

Or perhaps because of it.

“In bad environments, it grows for diversification,” Carlos Constantini, Itau’s head of international private banking, said in an interview in Miami. “Latin American investors look for alternatives to hedge their savings, and sending money abroad and having different currencies and jurisdictions has always been, and continues to be, one alternative to diversify.”

For all the bad news coming out of Brazil -- former President Luiz Inacio Lula da Silva on Wednesday became the latest politician convicted of bribe-taking and money-laundering -- assets at Itau’s U.S. private bank have jumped fourfold in the past decade. The business now oversees about $12 billion, up from $10.8 billion at the end of last year, according to a staff presentation marking the Miami office’s 10-year anniversary. Read Full Article