Lywal Salles is retiring from day-to-day control of Banco Itaú’s
private bank in Brazil following the merger with Unibanco.

Salles, who oversaw the growth of Itaú private bank from a small
component of the bank’s asset management business into a dominant
player in Brazil and Latin America, is stepping down following the
merger between Itaú and Unibanco.

Celso Scarramuzza, the former head of Unibanco Private Bank,
will take charge of the combined BRL90 billion ($38.2 billion)
business.

Salles started his career at Chase Manhattan, where he worked
for 15 years in the corporate, consumer and private banks. It was
there he met one of the biggest influences on his career, Maria
Elena Lagomasino, who now runs Genspring Family Offices and is a
director at Coca-Cola.

“He had one of the best marketing minds, and what I mean by that
is he really understood what clients were looking for and,
crucially, he knew how to execute on that,” said Lagomasino.

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He could also make the world of private banking seem fun, she
added.

“I majored in French literature and one of my favourite authors
was Molière,” said Lagomasino.

“A lot of the philosophers were very analytical and didactic,
and you didn’t take it in as much.

“But with Molière, you would remember so much more of it because
you were cracking up laughing half of the time.

Hallmark of a good communicator

“Working with Lywal was a bit like that,” Lagomasino
continued.

“He was always analytical and didactic, but he was also a lot of
fun and always laughing, and that is the hallmark of someone who is
a very good communicator.”

Following his time at Chase, Salles moved to Citi in 1989,
working initially in the affluent segment and then the private
bank, where he stayed for seven years before joining Banco Itaú in
2002.

He said his time at Itaú was the most rewarding of his career, a
period when he oversaw the growth of Itaú’s private bank into the
southern hemisphere’s largest private bank.

It now has $14 billion of offshore assets under management and
600 staff following the Unibanco merger (see PBI 242).

“I guess my proudest achievement has got to be the building up
of a world-class private bank in a third world country, if you
will, because the industry has always been dominated by the Swiss
and the Americans,” Salles said.

“It has always been an industry which was pretty much shared
between UBS, Credit Suisse, Citi and Merrill.

“For a Brazilian bank to be able to stand up and compete with
these big guys locally and also regionally was a great
achievement.

“And we have developed a platform which gives us the possibility
to extend into other countries.”

Salles added the support of the Setubal family, the main
shareholders in Banco Itaú, and senior managers had been
instrumental in building the private bank.

He will continue to be involved with the combined group as
chairman of its international private banking operations.

“It means I won’t be able to bring down my handicap as much as I
had planned!” he said. a

“But I am looking forward to working on expanding the business
outside our domestic market.”