Itaú Private competing for wealthy Brazilians in Portugal

Itaú Private bank has joined the fight for Brazilian wealth-management clients in Portugal. The bank recently was licensed by the local central bank to operate in the country and sign up Brazilian and international clients. The move follows other Brazilian banks that have set up shop in Lisbon in the last few months, eyeing the same market segment. Wealthy Brazilians are the primary market since the country’s citizens hold the second-largest number in the world of “golden visas” issued by Portugal in exchange for investments, after the Chinese. The Portuguese government estimates that 150,000 Brazilians are living in Portugal or have filed for visas.

Source: Valor Econômico