Bradesco’s Private Bank Swells After Acquisitions, New Hires

Banco Bradesco SA, Brazil’s second-biggest lender by market value, said wealth under management at its private-banking business has almost doubled in the past three years through acquisitions and new hires, including 28 this year alone.

Clients’ assets including both onshore and offshore total 472 billion reais ($89 billion), up from 250 billion reais in December 2019, according to Guto Miranda, Bradesco’s global head of private banking. The bank’s local market share increased to 22% from 18% over the same period.

“We are repositioning our business, investing in improving our clients’ perception about us, and gaining market share,” Miranda said ...