Itau Names 44-Year-Old CEO to Fend Off Fintech Rivals (1)

Itau Unibanco Holding SA, Latin America’s biggest bank by market value, picked its 44-year-old chief financial officer to take over the top job next year and lead the company through a surge in competition from financial-technology firms.

Milton Maluhy Filho will become chief executive officer in February, when Candido Bracher steps down, according to a regulatory filing Thursday. Bracher, who will reach Itau’s CEO age limit of 62 in December, will join the bank’s board.

Milton Maluhy Filho

Source: Itau Unibanco Holding SA

Maluhy is facing a tough task. Fintech firms have been gaining ground in credit cards and asset management as regulators encourage more competition, ...