Fernando Marques has been appointed to fill the role of commercial head for Switzerland and the US for Itaú Private Bank.

This is a component of Itaú Private Bank’s strategy goal to expand globally, increase market share, and meet clients’ growing demand for products, services, and investments abroad.

His last position was managing director of Banque Pictet & Cie in Zurich. Moreover, he has over two decades of experience in the financial industry. He formerly held the position of director at Julius Baer, Banco Jacob Safra, and Banco Fator in the private banking industry.

Marques manages the commercial teams in Miami and Zurich, reporting to Felipe Nabuco, global head of investments and client relations at Itaú Private Bank, and Percy Moreira, who leads the bank’s foreign operations.

Luciana Vergueiro and Eduardo Rezende are among the additional new hires.

Vergueiro was a former director at Credit Suisse and previously worked as a private banker at Santander.

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By GlobalData

Rezende had served as a director at Credit Suisse, Safra, and Julius Baer. Both will cater to the ultra-high net worth group.

In 2023, the bank expanded its global service organisation and with offices in Brazil, the US, Portugal, Switzerland, and the Bahamas, Itaú Private Bank employs about 800 people.

The bank provides services in the following areas: banking (cards, insurance, foreign exchange), wealth planning (estate planning, succession planning, pre-immigration planning, family governance), advisory, portfolio management, and credit (liquidity, real estate loans, agribusiness, guarantees).

Itaú Private Bank has a 29.5% market share in Brazil and projected to expand by 16.6% in 2023, compared to the competition’s 12.6% growth (statistics from Anbima, January-December/23). 

It manages more than BRL805bn ($162.5bn), with about 21% offshore.