(Newsweek) — The post-crisis numbers are in, and it paid off to be a patriarch. Think back to the height of the panic that was toppling global banks in late 2008, and a story from São Paulo sticks out. With its share price down more than 30 percent, Brazil’s Banco Itaú struck a deal to merge with União de Bancos, its foremost rival. Both banks needed to expand their reach and share costs, but a more fundamental fact made the deal possible. “This only happened because they were controlled by two families,” says Eduardo Gentil, managing partner at the São Paulo office of Cambridge Advisors to Family Enterprise. The families were able to strike the deal quickly and smoothly.
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