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PEOPLE MIAMI LIVING 117 Frances Aldrich Sevilla-Sacasa is the Chief Executive Officer of Miami Operations at Itaú Private Bank International, Latin America´s largest retail bank. Miami Living Mag- azine Publisher, Markin Abras, had the unique opportunity to chat with Frances to learn more about Itaú's growing force in the banking industry. Markin Abras: Why and when was Miami selected as the international headquarters of Itaú Private Bank? Frances Aldrich Sevilla-Sacasa: Establishing a presence in Miami was an important strategic decision for Itaú. We arrived here seven years ago, with the purchase of the private banking operations of Bank of Boston and ABN Amro's Latin American portfolio. Since then, we have grown substantially, along with the city. Today, Miami is a vibrant, sophisticated global city at the crossroads of Latin America and the rest of the world. It is an exciting place that offers Itaú a perfect platform for developing our overseas business. As a global bank with Latin American DNA, we are perfectly situated in Miami to provide access to the world markets for our Latin American clients and to provide access to Latin America, as well as a full menu of financial serv- ices for our international clients. MA: Itaú's Miami operation has more than $10 billion in assets and employs over 150 employees. What has set Itaú's apart from Miami's competitive private banking industry? FASS: Itaú is the only Latin American bank among the top tier of private banks. We have a deep understanding of the region and the needs of our Latin American clients. The other factor that sets us apart is that we are a family-run bank. Itaú's founding families still have a controlling interest and that family ethic permeates everything we do. When it comes to handling the wealth of prominent Latin Amer- ican families, who are seeking to protect and grow their investments, we speak the same language. We not only pride ourselves on providing excellent customer serv- ice, we make it personal. We care about our clients' families and investments, as much as we care about our own. MA: And how does major sports events sponsorships such as The Miami Open supports Itaú's overall mission? FASS: Itaú's brand proposition is to transform people's lives for the better. In this context, we believe that three pillars play an important role in people's lives: educa- tion, culture, and sports. When we consider sports, the bank already has a long-term tradition of supporting soccer and tennis. In Brazil, for example, our support passes through the development of young tennis athletes to regional tournaments such as the Rio Open. The Miami Open fits perfectly into this scenario as one of the greatest tennis tournaments in the world. It showcases some of the best sports talent on the planet and, at the same time, showcases the magic city of Miami, which Itaú Private Bank is proud to call home. The Miami Open is also the unofficial Latin American grand slam, which attracts thou- sands of people from all over the region, including many Itaú clients and potential clients. MA: Itaú decided to forego the naming rights of the tournament and hand it over to the city of Miami Beach. This is a decision that many expert marketers would not approve. Please elaborate on this decision. FASS: The decision to forego the naming rights of the Miami Open was made by Itaú's corporate marketing team and I fully supported it. The rationale was quite simple: Itaú does not want to be known as a tennis tournament or as a tennis brand. Instead, we want to be known as Latin America's leading bank that supports one of the greatest tennis tournaments in the world. Also, let's not forget that the Miami brand is powerful. To people around the world, Miami stands for excitement, for in- novation, for creativity. Itaú is more than happy to be associated with the Miami brand. Why would Itaú want to overshadow the Miami brand with our own? MA: For those looking for investment opportunities, why should they choose Itaú? FASS: It all starts with Itaú's bankers, who are among the best in the business. Not only do they have many years of experience in advising clients, but they have com- plete freedom to offer their clients the best investment options available in the mar- ket and that best fit with their clients' long-terms goals. At Itaú, one size does not fit all. Every client is given customized, personalized service. We pride ourselves on our first-class service. At Itaú, we always put our clients' interests first. And as I men- tioned, having a regional footprint really makes the difference. So with our operations spread throughout many countries in Latin America, we really know our clients and their desires, challenges, being able to offer the best products and services. MA: You are one of the few female CEOs in the banking industry, what were some of the challenges you encountered prior to stepping into this position? FASS: We all face challenges every day in our lives, some smaller, some larger, in both our personal lives and in our careers. I cannot pinpoint one specific challenge that stands out as I have had to overcome several during my lifetime. The biggest lesson I have learned is that one will always encounter challenges and it is in how you deal with them that you grow and learn. I believe that you learn more from deal- ing with challenges than from successes. Another important lesson is to not give up prematurely and to be determined. To me, challenges are mere obstacles that get in the way of longer term plans and goals – you need to be flexible in order to address the obstacles but never lose sight of the longer term opportunities and goals. MA: For women looking to pursue a career in finance and leadership, what advice can you give us? FASS: To pursue a path that they enjoy, where they have a competitive advantage due to their unique skill-sets and characteristics, to have a disciplined work ethic, to learn from failures and challenges, and to never give up! MA: You have spent a lot of years working and living in Miami, what has kept you here all these years? FASS: I am very excited to be a native Miamian and to see how the city has evolved. I have often referred to this as a "renaissance" that the city is going through. It is ex- citing to see the city flourish as a cosmopolitan international business center and an entrepreneurial haven, all while becoming a cultural destination and art scene. It is exciting to have been part of this renaissance during my lifetime. I am just thrilled to still be an active part of it and enjoying the energy. ML Moving Itaú Private Bank International Forward Miami Living speaks with CEO Frances Aldrich Sevilla-Sacasa Interview by Markin Abras