Financier of the Year.

ROBERTO SETUBAL 

President, Banco Itau

ACHIEVEMENTS: Under Setubal's command, Itau has bought nearly a bank a year since 1994. Among the main acquisitions have been Banerj, Bemge, Banestado, Banco Fiat and Banco Frances e Brasileiro. "Integrating these banks has been a big challenge," he says. As market segmentation deepens in Brazil, Itau has launched Itau Personalitte, aimed at high-end clients.

BACKGROUND: Itau CEO since 1994, Setubal joined the bank in 1980, where he spent several years in the economic control area. He worked for two years at Citibank, in the United States, in consumer banking. Returning to Brazil, he managed branches for Itau in Sao Paulo and, later, for the entire country.

FOCUS: "Create value for the shareholder."

FUTURE: Exploring new segments. "The credit card business was very small five years ago and today it is important to results in consumer banking." Itau is working on developing lower-income banking too. "We are launching an operation to attend to the low-income market, which is seen as a big potential in the coming years as the Brazilian economy grows."

BIGGEST CHALLENGE: The second-largest private bank in the country, Itau has to differentiate itself. "We have a lower cost of operation among the retail banks in Brazil and our vision is to be the most efficient bank in the Brazilian market."

INSIDER INFORMATION: Part of the bank's strategy is to focus on small business. "It will certainly grow in significance to the bank's revenues."