How Itau Became Brazil’s Most Valuable Brand
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Ask a Brazilian which brand he or she associates with the World Cup, a big music festival or a popular city bike program, and he’s likely to say Itau, Latin America’s biggest bank. Last month, Itau was named the No. 1 client that ad agency CEOs in the country would most like to work for (Coca-Cola was No. 10). And Interbrand has ranked Itau as Brazil’s most-valuable brand 10 years in a row.
Itau and Fernando Chacon, the bank’s CMO since 2009, believe that to be a relevant brand, the bank must transform peoples’ lives and the world around them. Last year the bank launched the platform #thischangestheworld (#issomudaomundo in Portuguese) to link that mission with Itau’s sizable investment in education, culture, sports and urban mobility. Efforts include giving away more than 32 million children’s books to encourage parents to read with their kids, as well as a bike project that will offer 7,900 mostly free bikes in seven cities by year end.
A 272-person marketing department reports to Mr. Chacon, and Itau, Brazil’s 20th biggest advertiser, spends about $400 million a year on media advertising. (That outlay would also make the company one of the top 100 advertisers in the U.S.)
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