Pedro Moreira Salles

Pedro Moreira Salles (born October 20, 1959) is a Brazilian billionaire businessman and banker who serves as chairman of the board of directors of Itaú Unibanco Holding S.A., the largest private-sector bank in Latin America. In 2008, he orchestrated the historic merger between Unibanco (his family's bank) and Banco Itaú, creating what became one of the most significant financial institutions in the Southern Hemisphere. Despite living with muscular dystrophy and using a wheelchair, Salles maintains an active professional life and is one of the most influential figures in Brazilian finance.

Early life and education

Pedro Moreira Salles was born on October 20, 1959, in Washington, D.C., United States, while his father was serving as Brazil's ambassador to the United States. He is the son of Walther Moreira Salles and Eliza Margarida Gonçalves.

His father, Walther Moreira Salles (1912–2001), was a legendary figure in Brazilian banking and diplomacy, considered one of the founders of the modern Brazilian banking industry. Walther served twice as Brazil's ambassador to the United States during the 1950s, served as Secretary of the Treasury under President João Goulart, and transformed a regional banking house into União de Bancos Brasileiros (Unibanco), one of Brazil's three largest banks.

Pedro has three brothers who have also achieved prominence:

Fernando Moreira Salles – writer and chairman of the CBMM Board
Walter Salles – Academy Award-nominated film director known for Central Station and The Motorcycle Diaries
João Moreira Salles – editor and documentary filmmaker

Salles enrolled at the Pontifical Catholic University (PUC) in Rio de Janeiro in 1977, where he attended the Faculty of Economics for a year. He then transferred to the University of California, Los Angeles (UCLA), graduating in 1981 with a degree in economics and history. He subsequently attended the graduate program in International Relations at Yale University in Connecticut and completed the Owner/President Management Program (OPM) at Harvard Business School.

Career

Early years at Unibanco

In 1982, Salles returned to Brazil and began working in the family business. In 1983, he moved to São Paulo and was invited to take over the management of Cambuhy Agrícola, an agricultural business within the Moreira Salles group, located in Matão in São Paulo state's interior. He remained in this role until 1985.

In 1986, together with his brother Fernando, Salles began to manage the family's holding company. He formally joined Unibanco in 1989 and served as Vice Chairman of the Board of Directors from 1991 to 1997. In 1997, he was appointed Chairman of the Board of Directors, a position he held until 2004 when he was elected Chief Executive Officer.

The Itaú-Unibanco merger

In 2008, Salles orchestrated one of the most significant transactions in Brazilian financial history: the merger between Unibanco and Banco Itaú. The deal, which united two of Brazil's largest and most respected banking institutions, created Itaú Unibanco Holding S.A., the largest private-sector bank in Brazil and in Latin America by market value.

The merger combined Unibanco, owned by the Moreira Salles family, with Itaú, controlled by the Villela and Setubal families. The resulting institution had combined assets exceeding $400 billion and operations spanning Brazil and other Latin American markets.

From November 2008 to August 2009, Salles served as Chairman of the Board of Directors and Deputy Chief Executive Officer during the integration period. In August 2009, he was appointed Chairman of the Board of Directors of Itaú Unibanco Holding, a position he continues to hold.

Business interests

CBMM and niobium

Beyond banking, Salles and his brothers hold a majority stake in Companhia Brasileira de Metalurgia e Mineração (CBMM), based in Araxá, Minas Gerais. CBMM is the world's dominant producer of niobium, a rare element used to strengthen steel for applications in automobiles, aircraft, pipelines, and structural materials.

The company supplies niobium to over 50 countries worldwide and controls the majority of global niobium output. The Moreira Salles brothers' stake in CBMM represents a significant portion of the family's wealth.

Awards and recognition

Salles has received numerous honors from the Brazilian government and international organizations:

Order of Merit for Financial Services (Brazil)
Order of Economic Merit (Brazil)
Recognition from the World Economic Forum for leadership and commitment to social responsibility
Recognition from the Inter-American Development Bank

Personal life

Salles married Marisa Moreira Salles in 1979, and the couple has two children.

Muscular dystrophy

Salles lives with muscular dystrophy, a progressive condition that has required him to use a wheelchair. He has spoken openly about managing the disease, noting that he copes with "a lot of psychotherapy" while maintaining a busy professional and social life.

Together with his wife Marisa, Salles actively supports stem-cell research as part of efforts to advance treatments for muscular dystrophy and related conditions.

Philanthropy

The Moreira Salles family has a significant philanthropic legacy. The Moreira Salles Institute (Instituto Moreira Salles), established by the family, is one of Brazil's most prominent cultural organizations. It supports initiatives in photography, literature, music, and visual arts, maintaining important archives and promoting Brazilian cultural heritage.

The institute operates cultural centers in Rio de Janeiro, São Paulo, and Poços de Caldas, and has hosted exhibitions featuring some of Brazil's most important historical and contemporary artists.

References

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