Roberto Setúbal and Márcio Cypriano come from very different worlds. Cypriano, the hardworking son of a police captain, has spent a 40-year career climbing his way to the top of Banco Bradesco, the country’s mass-market champion and largest lender by market capitalization. The patrician Setúbal is a scion of Brazil’s preeminent banking family and a member of the third generation to run Banco Itaú Holding Financiera, the country’s No. 2 player. But notwithstanding the sharp contrast in their personalities and backgrounds, each represents the future of Brazilian banking.
塞图巴尔乘坐花旗集团和德意志银行的比赛剧本，寻求将Itaú建立在拉丁美洲的普遍银行冠军。该银行正在向巴西中上层阶级推动一家日益复杂的银行和投资产品菜单，向该国提供贷款和投资银行服务，向该国的快速增长的全球志同道合的公司行列，并希望将其存在扩展到邻近市场。“我们相信我们可以作为拉丁美洲的零售银行扩展，成为领先的地区银行，”首席执行官讲述机构投资者。亚博赞助欧冠
相比之下，Cypriano靠近布拉德斯科的蓝领，小企业根源。该银行拥有该国最大的零售网络，其中包括20,500个网点，从邮局到银行窗口的全方位分支机构。它正在利用该网络推动从票据付费服务和小消费者和商业贷款到保险的所有内容的增长 - 布拉德斯科是巴西领先的保险提供者，市场份额25％。“显然，他们是一个非常不同的银行，具有同样成功的不同哲学，”前财政部长，主持在20世纪60年代后期和60年代初期的70年代的经济繁荣。
Although the strategies are vastly different, the results at both institutions have been remarkably similar. Last year Itaú boosted its net income, excluding extraordinary items, by 15.9 percent, to 7.18 billion reais ($4 billion); consumer lending led the way with a 34.8 percent increase, paced by strong growth in credit cards and auto loans. Bradesco, meanwhile, posted a 13.3 percent rise in earnings, to R$7.21 billion.
In terms of market capitalization, Bradesco ranks 17th among the world’s banks, and Itaú is 20th. At a time when the share prices of global banks have been hammered by concerns about the worsening credit crisis, the Brazilians have benefited from strong performance at home and a continued appetite from international investors. Bradesco’s share price climbed 6.77 percent over the past 12 months, to R$44.13 on March 26, giving the bank a market value of R$101.8 billion, or $58.4 billion; Itaú’s shares rose 9.48 percent over the same period, to R$41, giving it a value of R$98.6 billion, or $56.6 billion. By contrast, Citigroup’s market cap has plummeted from $260 billion to $118 billion.
到目前为止，德意志银行的纽约银行分析师Mario Pierry说，“巴西银行”巴西银行毫发无损地走出全球金融危机。“与美国和欧洲金融机构不同，Setúbal说：“巴西银行在次级危机中没有受到影响 - 我们没有在该业务中的资产。”此外，巴西银行享有高流动性，良好的资金概况（不到10％的收入和来自国外的利润），并持续高贷款增长前景。如果巴西矿物质和农业商品的全球价格，这种玫瑰色情景可能会改变，因为全球经济衰退，该国最近的GDP增长的关键因素。但现在，巴西的银行在所有方面都很强大。Itaú和布拉德斯科有标准普尔的BBB - 高于BB + Rating它给巴西的评级。
With profits rising and new opportunities opening up at home and abroad, Itaú and Bradesco are reacting very much in character. At the more inward-looking Bradesco, the global crisis means there is less reason to worry that foreign competitors are looming on the Brazilian banking horizon and more reason to focus on lucrative domestic markets. The strong performance explains why Setúbal and Cypriano are relaxed about the biggest acquisition in Brazil’s history: the purchase of Banco Real by Spain’s Grupo Santander as part of the record-breaking €71.4 billion ($105 billion) buyout of ABN Amro last year. The combination of Real with Santander’s small existing Brazilian operation will create the country’s third-largest private sector lender by branches and loan volume and a powerful rival to Brazil’s financial heavyweights — state-owned Banco do Brasil, Itaú and Bradesco.
“这是过去十年中巴西金融市场中最重要的事件，”塞图巴尔认识。“但它将是两年左右的，在它成为一个完全综合的运营银行之前。”塞浦路亚诺认为，桑坦德真实将使其手全力以赴地维持其两名特许经营权的综合市场份额，而是Bradesco，Itaú和其他球员的进军。“我们有足够的时间来采取必要的措施继续发展，”布拉德斯科首席执行官说。他正在高度对国内市场的关注，他认为为持续扩张提供了最佳机会，并将考虑仅在巴西的边界超越其支持其主要市场的机会。布拉德斯科的外国存在主要是批发银行业务，包括十大办事处，帮助贸易为大型巴西企业客户。“我们将不会参与国外零售业，”塞浦路斯说。
许多分析师认为，两家国内银行领导者的准备符合桑坦德所带来的竞争挑战。“假设桑坦德收购或改变战略没有理由，因为它是基于S＆P基于SãoPaulo的信用分析师Tamara Berenholc说。
Setúbal和Cypriano是一项转型的最前沿，使巴西的银行业从资本化，危机的危机危机易受回水中变成了世界新兴市场经济中最具活力和有利可图的金融部门之一。该银行在20世纪80年代的大部分时间都花了很多，并努力应对恶性通货膨胀，并为挑战产生了更强的挑战。今天的财政和货币政策将通货膨胀削减到单个数字，并记录商品价格正在增长增长激增。巴西银行通过扩大网络并喂养蓬勃发展的信贷需求来利用新的繁荣。
布莱德co and Itaú were historically protected from foreign competition. A constitutional amendment in 1988 allowed foreigners to purchase Brazilian banks, but the market didn’t truly open until the repeal of other protectionist measures in 1995. However, that didn’t lead to a victory lap by global banks. “Foreign banks always overestimated themselves and believed they were technically superior to us lowly natives,” says former Finance minister Delfim Netto.
“当地人”成为娴熟的银行家。Bradesco，Itaú和Unibanco，另一个主要的私营部门银行，建立了全国范长的分支网络，越来越有效的零售银行策略。他们并没有被全球巨头吓倒，在拉丁美洲的其他地方取得了显着的成功。例如，2001年，Citicorp的125亿美元购买Grupo Findingiero Banamex即时成为墨西哥第二大银行。但在巴西，在1915年首次开设一个分支机构，花旗银行在总资产中排名第十。西班牙拥有的桑坦德正在担任一个更积极的角色。2000年，它购买了一家重大的国有银行，专注于圣保罗地区的主要银行，为期70.5亿元，并于2007年10月收购了Banco Real。
The new entity should flourish in the current golden age of growth under the center-left government of President Luiz Inácio Lula da Silva, which has continued the conservative macroeconomic policies of its center-right predecessor and seen the economy’s expansion accelerate to 5.4 percent last year from 3.8 percent in 2006.
银行渗透-以贷款总额to GDP — reached 35 percent in 2007, up from 29 percent only three years earlier. Brazil remains far behind Chile (75 percent) but well ahead of Mexico (20 percent). Over the past three years, loan portfolios expanded more than 20 percent annually as banks, led by Bradesco, descended the socioeconomic ladder in search of new clients.
虽然Itaú和布拉德斯科在平等衡量标准中繁荣，但他们的不同策略源于不同的遗产。“布拉德斯科真的天生就像一个讲授努力工作和储蓄的宗教邪教，”Delfim Netto说。“Itaú是由知识分子建造的，拥有强大的城市产业和受利润的激励。”
RobertoSetúbal是Itaú董事长OlavoSetúbal的儿子，他的家庭始终控制了银行。在53岁的Lanky Roberto，带有光滑的头发和一个巧妙的量身定制的西装，是渐进式，精致的巴西银行家的形象。他可以唤醒同样诗歌的衍生品和U2（巴西的音乐会，他从未未能出席）并主持一座明亮的绿色玻璃塔，俯瞰着圣保罗的康尼山国际机场的主要跑道。他的阁楼办公室位于走廊的末尾，内衬了一系列卓越的拉丁美洲绘画和雕塑，包括奥斯卡·涅埃耶和罗伯托布勒马克思的作品，巴西人分别为其建筑和景观设计而闻名。
像他的父亲一样,塞图巴尔赢得an engineering degree from the prestigious Escola Politécnica of the University of São Paulo. He went on to receive a master’s degree in engineering from Stanford University. Except for a yearlong stint in 1983 at Citicorp in New York, where he worked directly under soon-to-be-CEO John Reed in the consumer banking area, Setúbal has spent his career at Itaú, holding positions in the financial controls, products and sales areas, and then heading the bank’s commercial operations from 1984 to 1994. That year, at age 39, he was appointed president and CEO, taking over from two successive nonfamily chief executives who served after his father stepped aside as CEO in 1985.
Banco Itaú was founded in São Paulo in 1945 by Alfredo Egydio, Roberto’s grand-uncle, as the Banco Central de Crédito. Olavo’s father, Paulo Setúbal, was a well-known writer and intellectual, but his son preferred business and banking, and went to work for his uncle Alfredo. When Alfredo died in 1959, Olavo took over and began a string of acquisitions that by the mid-1970s made Itaú the second-largest private sector bank after Bradesco. By then Olavo had launched himself into politics, serving as São Paulo’s mayor from 1975 to 1979 and as Brazil’s foreign minister from 1985 to 1986. “Olavo Setúbal was a brilliant banker,” recalls Delfim Netto, the former Finance minister. “And Roberto is pretty good himself.”
Under Roberto, Itaú’s expansion continued, focused first on developing its domestic retail and corporate base, and then on establishing a presence abroad. In 1995 it purchased Crédit Lyonnais’s Brazilian unit, Banco Francês e Brasileiro, for R$500 million; two years later it bought state-owned Banerj in Rio de Janeiro for R$311 million. Abroad, Itaú acquired Bamerindus Luxembourg (now Banco Itaú Europa Luxembourg) in 1997 for R$10 million and Banco del Buen Ayre, a medium-size Argentinean retail bank now known as Banco Itaú Buen Ayre, in 1998 for $213.5 million.
在国内外，甚至更重要的收购仍然是在投资银行和国际业务中远远超过布拉德斯科飙升的ITaú。2002年12月，Itaú为Banco BBA CreditanStalt支付了9.3亿美元，当时广泛地认为巴西最好的公司银行。立即是该国最大的批发银行，2005年BancoItaúBBA通过从瑞士银行瑞士州巴西运营的一支经验丰富的年轻高管抢夺一支经验丰富的年轻高管，使其成为投资银行最重要的举动。“之前，我们的固定收入坚强，但不在股票中，”ItaúBBA总裁兼首席执行官Candido Bracher说。“我们在船上迈出了大跃进。”
In 2006, in a stock swap worth $2.76 billion, Itaú purchased the Chilean, Uruguayan and Brazilian operations of Bank of America Corp.’s BankBoston, whose reputation rests on private banking. The deal gave BofA a 7.5 percent stake in Itaú and widened the Brazilian bank’s presence in the region. The operations in Argentina, Chile and Uruguay “are giving us experience and confidence,” says Setúbal. International operations account for less than 10 percent of total revenues and income, “but the trend is upward,” he adds, while declining to expand on any pending acquisitions abroad.
The best way to understand the image that Itaú wants to convey to retail clients is to visit its Personnalité Paulista branch in the posh Jardins neighborhood near downtown São Paulo. The Personnalité brand — the French word is meant to evoke a sense of chic — is reserved for upscale branches that operate somewhere between conventional retail and private banking. Drawing on the format of the Crédit Lyonnais subsidiary acquired by Itaú in 1995, Personnalité has more than 200 branches in the city, and Paulista is the largest.
Andressa Boé de Figuereido, the young deputy manager of the branch, sports a tan exposed by a sleeveless dress. On her desk is Personnalité’s new lifestyle magazine, with glossy stories on film stars, hot vacation spots and speedy cars. “Most of my clients are men,” says Figuereido, adding that the branch’s typical investor is a young professional. To open an account they must have a minimum monthly income of R$4,000; to use the branch’s brokerage services, they must invest at least R$1,000.
为了让客户始于投资，Fig Phereido在一台镜像屏幕前座位，镜像自己并显示一个车速表，金融产品被评为每小时公里。在较低的速度下，在5到10 kPH之间，是固定利息，短期CD;在另一个极端，110到120 kPH之间，是高回报，高风险衍生物。客户使用操纵杆来达到所需的速度和投资。在速度计的右侧，屏幕闪烁，预期的每种产品返回及其风险。“我试图让客户在大约60 kph驾驶，”图米利尼达说。这对应于股票和公司和政府债券大约50-50混合的投资组合。
Personnalité分支机构散发出私人俱乐部氛围。柜台背后没有卖刀。客户和Itaú高管开展交易 - 经纪，保险，养老金，外币兑换 - 在舒缓棕褐色和蓝色面料装饰的小隔间。除了入口处的谨慎行，没有什么可以表明这是银行。
Itaú is the market leader in credit cards, automobile financing, corporate lending and investment banking — just the sort of high-growth, big-profit segments that have long endeared Setúbal to institutional investors. “Also, historically, Itaú was seen as much more geared toward delivering shareholder value and communicating that to analysts and investors,” says Victor Galliano, New York–based banking analyst for HSBC Securities.
Itaú is also the domestic leader in investment banking. For the past three years, Itaú BBA has been the third-largest equity underwriter in Brazil, behind UBS Pactual and Credit Suisse. In 2007, Itaú BBA was the book runner on 19 IPOs and follow-ons worth $11.5 billion — far ahead of the five deals worth $4.6 billion done by Bradesco BBI, the investment bank Bradesco started in 2006. Itaú BBA had a 2007 net income of R$1.14 billion, down from R$1.34 billion the year before.
巴西股权承销市场已爆炸性地增长，从36项交易中占2005年的69亿美元至去年的126份价值380亿美元。ItaúBBA是去年巴西三大IPO中三大联合书籍赛道 - 巴西商业和期货交易所（BM＆F）的33亿美元提供信用卡发卡员redecard的25亿美元，其中itaú拥有23.2百分比股权。但它的交易，即伊鲁·BBA高管认为其最值得注意的是12月份的120亿美元的IPO，为MPX Energia，一家能源公司大亿万富翁企业家Eike Batista计划建造热电厂。“我们提出了首都，即使该项目不会在未来三年内产生任何现金流量，”ItaúBBA的投资银行董事总经理FábioFrober表示。
Itaú BBA has also made rapid inroads in Brazilian mergers and acquisitions, an activity still dominated by global banks. In 2005 it advised on seven deals worth $284 million, but by 2007 activity was up sharply, to 18 deals worth $7.5 billion. That year Itaú BBA ranked fifth compared with the global banks by overall value of total deals, trailing Credit Suisse, Citigroup, ABN Amro and UBS Pactual. It advised on the $1.58 billion sale of a minority stake in an iron ore mine owned by MMX to Anglo American and the $1.78 billion sale of a 65 percent stake in Serasa, the leading Brazilian credit bureau, to the U.K.’s Experian in June 2007.
At the other end of the spectrum, Bradesco is most comfortable courting blue-collar clients and small and medium-size enterprises. “Cidade de Deus” — City of God — is the name Bradesco has given its sprawling headquarters in Osasco, a barely middle-class suburb ten miles west of São Paulo. Etched above the employees’ entrance to the main, four-story, yellow-brick building is a huge slogan: “Only work can create wealth.” The boss, Cypriano, is the tall, square-jawed son of a career cop. He spends weekends at his small cattle spread a couple of hours’ drive inland from São Paulo.
布莱德co’s founder, Amador Aguiar, was a mixture of entrepreneur and evangelist. He preached his banking gospel to the humblest coffee plantation workers in his native state of São Paulo. A former traveling salesman, he launched Bradesco — calling it Banco Brasileiro de Descontos (Brazilian Discount Bank) — in 1943 in Marília, then a small agricultural town 275 miles northwest of the city of São Paulo. Within a year Aguiar opened six branches on the outskirts of plantations, targeting shopkeepers, public employees, small landowners and illiterate laborers who had never before had savings accounts or even dared walk into a bank.
布莱德co’s growth was explosive. By 1951 it had become the largest private sector bank in Brazil. It expanded organically and through 43 acquisitions — the latest, in October, was São Paulo–based Banco BMC, a specialist in payroll-deductible loans, purchased for R$800 million. Bradesco’s strength continues to be its small-town and rural presence through a nationwide network of 3,160 full-service branches; 11,539 Bradesco Expresso outlets, offering basic services such as bill and tax payments; and 5,821 Banco Postal units, operating out of post offices and offering savings and checking accounts, as well as small loans.
许多，如果不是大多数，布拉德斯科高管都是小镇当地人，或者只是从巴西腹地中删除的一代人。CEO CEPIANO，64岁，虽然出生在圣保罗市，在北方保罗州长大。毕业后毕业于普通媒体博士麦肯尼 - 不是更杰出的巴西大学之一 - 他于1967年开始作为巴西东北达巴赫亚的员工。当该银行于1973年由布拉德斯科收购时，Cypriano被命名为分支经理。他非常渴望在周末留下他的新雇主，他和他的妻子亲自清理办公室，擦洗人行道，为周一的客户做好准备。
通过排名稳步上升,Cyprianochief executive in 1999 and will retire by November 2009, before he turns 66. There is no mystery about possible successors. Bradesco prides itself in offering lifetime employment and staffing its top positions with careerists. “We have eight vice presidents, and any one of them could take charge,” says Cypriano, who looks forward to spending more time at his ranch with his wife and two teenage children.
原型布拉德斯科运营是在其最大的零售店，拉帕，一个蓝领，下游的下级街区街区圣保罗西部。这里的大多数建筑都是蹲下的两三层故事。狭窄的街道被卑鄙的消费电子产品，牛仔裤，过度覆盖的三明治，草药补救措施和超自然药物的驻守护者的限制。在海绵状的Mercado da Lapa - 一种金属屋顶的食品Emporium，覆盖一块方形块 - Housewives Mill周围的咖啡馆，橄榄，鸡肉和更多 - 来自亚马逊的山羊，鸽子啮齿动物和凯门鳄各种各样的鳄鱼。
Just across the street, on premises that are almost as large, is Bradesco’s Lapa branch. Its main floor extends a full block, with a multitude of ATM machines at either entrance and a long corridor in between with counters to handle commercial transactions, personal loans, insurance and pensions. According to the manager, Volnei Francisco Rama, his branch opens an average of 500 new accounts a day. No business or retail client is too small. Personal loans start at R$2,000 for 30 to 60 days, with 4 to 6 percent monthly interest.
Given its long history with lower-middle-class Brazilians, Bradesco continues to approach these markets with more confidence than Itaú. “These clients represent our greatest growth potential,” says CFO Milton Vargas. Bradesco goes after them through Finasa, its consumer finance arm, which has 375 branches and point-of-sale operations at 36,970 stores and car dealerships. Another vehicle is Bradesco Expresso, which has contracts with 11,539 retail shops.
更雄心勃勃的是Banco邮政。根据2002年以来的政府安排，布拉德斯科在邮局运营5,821个分支机构，提供支票和储蓄账户，贷款低至500％至690万客户，其中许多人在银行不存在的贫困社区中。“这是达到低收入客户的最快渠道 - 并在收入增长时将它们移到布拉德斯科分支机构中，”Vargas说。“现在，主要挑战是识别最大风险的客户。”当六年前Banco邮政开始时，其不完整的贷款率为27％;到2007年底，它已跌至12％。与Bradesco的整体NPL率相比，去年的4％。工资单可扣除贷款是布拉德斯科借给蓝领和中级客户的相对安全的手段。2007年第三季度，此类贷款的发布达到56亿美元，同期增长41.7％。
布拉德斯科还占据了巴西保险，总共有25％的市场份额，而ITAú的11.2％。Bradesco于1983年购买了最大的巴西保险公司之一GrupoAtlânticaBoavista，并将其与自己的保险公司合并。今天称为GrupoBradesco de SeguroseVIDIDência，它产生了31％ - 或R $ 24.8亿美元 - 布拉德斯科总共2007年的净收入。“我们已经是拉丁美洲最大的保险公司，”GBSP首席执行官Luiz Carlos Trabuco Cappi说。
布莱德co ranks first in life, pension and health insurance and second in car insurance. Insurance penetration in Brazil is still a minuscule 2.5 percent of GDP — compared with 11 percent of GDP in the U.S. “The potential is enormous,” says Cappi.
尽管他们不同的图像和市场优势，ITAú和布拉德斯科俩都在未来三年内在几个消费地区赚取收益。“去年巴西超越了法国在汽车生产中，因为许多巴西人可以承担购买汽车的融资，”Itaú的塞图巴尔说。超过80％的汽车被银行融资购买，每月付款开始低至250元。两家最大的私营部门银行是汽车融资的强大竞争对手，伊斯兰股权为25.1％，布拉德科省为18.0％。在信用卡中，ITAU声称市场份额22.3％，领先于布拉德斯科的16.9％。
Both are poised to make large inroads in a mortgage market that is just awakening. Until last year the mortgage-to-GDP ratio in Brazil stood at a puny 2 percent — compared with 10 percent in Mexico, 53 percent in the U.S. and 112 percent in the Netherlands. With inflation abating and the passage of a 2006 law making it easier for banks to foreclose, Bradesco forecasts that the mortgage-to-GDP ratio in Brazil will climb to 6 percent by the end of 2011. At Bradesco mortgage issuance totaled only R$901.6 million in 2007, a 3 percent rise over 2006, but the bank predicts 40 to 50 percent mortgage growth this year. At Itaú, where a more aggressive strategy, especially aimed at upper-middle-class clients, is under way, mortgage issuance reached R$2.68 billion last year, up 10.9 percent over 2006, and is expected to double in 2008.
The rival banks are also increasingly looking to penetrate each other’s core markets. In 2003, Itaú analyzed the entire Brazilian market and decided that although it had achieved high penetration of the top income brackets, a substantial part of the bank’s future growth would have to come from poorer, underbanked Brazilians.
这一新战略的主要部分是一个绿野消费金融业务，称为Taií，于2004年开始。设计为Itaú分支网络之外的销售点运营，Taií现在包括261个单位的高密度购物区;建立251个Outlets的合资企业消费者金融业务，罗哈美州的全国百货商店连锁店;和PãodeAçucar超市链中有534家商店的类似合资企业。但是Tailí去年未能达到目标休息点。“Taií并不是承诺，”Deutsche Bank Analyst Pierry说，回顾了四年前推出的Fanfare。最大的问题是低收入客户的支付违法行为以及开设新网点的费用。
布莱德co is in equally unfamiliar territory when it comes to investment banking. “Our investment banking operations have just gotten started, so income isn’t yet significant,” acknowledges José Luiz Acar Pedro, the vice president in charge of international operations and investment bank Bradesco BBI.
One needed boost will come from the R$830 million acquisition in March of Agora Corretora, Brazil’s largest independent brokerage, which will become a wholly owned subsidiary of BBI. The deal will give Bradesco about 10 percent of Brazil’s brokerage market — which reached a stock trading volume of R$239 billion in 2007 — and make it the market leader, ahead of UBS Pactual and Morgan Stanley.
为了扩大其零售业务，布拉德斯科已采用更为细分的客户方法，即Itaú2世纪前开创了。两年前，布拉德斯科开始通过收入和企业客户分开零售客户，每年营业额。高档街区的一些零售分支提供私人银行业务。
So which strategy is likely to prevail? Bradesco’s strong focus on lower- and middle-income consumers, small and medium enterprises and insurance? Or Itaú’s concentration on high-end, big-city consumers and the capital needs of Brazil’s globally minded corporate elite? Brazil’s status as an emerging-markets superstar alongside Russia, India and China in terms of GDP growth and rising personal incomes may offer both bank strategies ample opportunity to succeed. “The traditional image is that Itaú is more dynamic, while Bradesco is the supertanker,” says HSBC analyst Galliano. “But they are both well managed and very profitable.” And each of their strengths is in market segments that continue to grow. “They don’t have to become what each other is,” says Pierry. “The market can accommodate both as they are.”