“The positive economic moment Brazil is experiencing is supporting an aggressive growth of the private-banking business,” Maria Eugenia Lopez, who runs Santander Brasil’s private banking unit, told Bloomberg in an interview. “It’s not just because Brazilians are getting richer; it’s also about the dynamics in the market, with more IPOs, more mergers and acquisitions, new businesses in general.”

The private banking industry in Brazil had $224.3 billion in assets under management at the end of 2010, a 23 per cent increase from 2009, according to the Brazilian Association of Financial and Capital Market Institutions.

Assets under management at Santander Brasil’s private bank rose 25 per cent in 2010, Lopez said in the interview.

A Santander spokesperson confirmed the details of the interview when contacted by Family Wealth Report.

Santander is the latest wealth manager to build its ranks in Latin America.

Barclays Wealth recently recruited Daniel Esslinger, head of private banking at Banco Itaú (Suisse), as head of Latin American relationship management and distribution in the Americas.

Standard Chartered Private Bank plans to expand in Latin America this year and sees Brazil and the Southern cone as particularly attractive.

Bank of America Merrill Lynch, meanwhile, is rolling out banking services to wealthy Brazilians this year.