Walter Moreira Salles - Banking Career Overview

Banking Career Overview

In 1926 his father, João Moreira Salles, established the Casa Bancária Moreira Salles (Moreira Salles Banking House) in the town of Poços de Caldas, some 80 km (50 mi) north-west of Pouso Alegre, and Walter was named an acting partner in 1933 at the young age of twenty-one.

During 1940, Banco Moreira Salles catalyzed its growth by merging with three regional banks and eventually changing its name to União de Bancos Brasileiros (Unibanco). Walter helped propel Unibanco to its position as one of Brazil’s top three banking institutions by implementing a strategy of successful acquisitions and an emphasis on human resources.

In 1991, Walter Moreira Salles retired as Chairman of the Board, after a 60-year career, to become Honorary Chairman and take over the conglomerate's cultural endeavors. In his farewell speech, he summed up Unibanco's working ethics: "We are people serving people. As impressive as the technology available to a bank can appear to be, in the end, each electronic exchange will still bear the plain and inevitable circumstance, of people serving people."

The Instituto Moreira Salles (IMS) was launched in 1991, with an agenda focused on people and the country's social development. Moreira Salles would be the first President of the Instituto, promoting cultural programming for the public at large. A year later IMS opened the Casa de Cultura de Poços de Caldas, in the city where Casa Moreira Salles was founded.