Itaú Unibanco S.A.
TypeSociedade Anônima
B3: ITUB3, ITUB4
NYSE: ITUB
IndustryBanking, Financial services
PredecessorBanco Itaú
Unibanco
Founded4 November 2008 (2008-11-04)
HeadquartersSão Paulo, São Paulo, Brazil
Area served
Worldwide
Key people
Milton Maluhy Filho, (CEO)
Pedro Moreira Salles, (Chairman)
Giancarlo Moreira, (CFO)
ProductsInvestment banking
Retail Banking
Credit cards
RevenueIncrease R$ 129.25 billion (2021)[1]
Increase R$ 42.23 billion (2021)[1]
Increase R$ 28.38 billion (2021)[1]
Total assetsIncrease R$ 2.06 trillion (2021)[1]
Number of employees
99,600 (2021)[1]
ParentItaúsa
SubsidiariesItaú CorpBanca
Itaú Paraguay
Itaú Uruguay
Rede
Hiper
Credicard
Websitewww.itau.com
Footnotes / references
[1]

Banco Itaú Unibanco S.A. is a Brazilian financial services company headquartered in São Paulo, Brazil. Itaú Unibanco was formed through the merger of Banco Itaú and Unibanco in 2008. It is the largest banking institution in Brazil, as well as the largest in Latin America,[2] and the seventy-third largest bank in the world. The bank is listed on the B3 in São Paulo and in NYSE in New York.

Itaú Unibanco has operations in Brazil, Chile, Colombia, Panama, Paraguay, United States and Uruguay in the Americas, as well as in Luxembourg, Portugal, Switzerland and the United Kingdom in Europe; China, Hong Kong, Japan and United Arab Emirates in Asia. It has over 33,000 service points globally, including 4,335 branches in Brazil and 55 million customers globally.

Itaúsa, a large Brazilian conglomerate ranking among Fortune magazine's top 500 corporations in the world, serves as the parent company. Outside Brazil, Itaú Unibanco has offices in Asunción, Buenos Aires, Cayman Islands, Dubai, Hong Kong, Lisbon, London, Luxembourg, Montevideo, Nassau, New York, Miami, Santiago, Shanghai, Tokyo, and Zurich.

In 2022, Itaú was considered the most valuable brand in Brazil.[3]

History

In September 2006, Banco Itaú bought BankBoston's assets in Brazil, Chile, and Uruguay.

On November 4, 2008, Banco Itaú and Unibanco announced the merger that resulted in Banco Itaú Unibanco. The institution was born with R$575 billion in assets, a net equity of around R$51.7 billion and a portfolio of combined credit of R$225.3 billion. The new bank had 4,800 branches and service branches, representing 18% of Brazil's banking network, and 14.5 million account holders (18% of the market). In terms of credit volume, it represented 19% of the Brazilian system and in total deposits, funds and managed portfolios, 21% by 2008. In the insurance and pension plan market, the new group had a 17% and 24% share, respectively. The wholesale operations (corporate) totaled more than R$65 billion, serving more than 2,000 economic groups in Brazil. The private banking (wealth management) business had become the largest in Latin America, with approximately R$90 billion in assets under management.[4]

On August 22, 2009, Banco Itaú Unibanco and insurance company Porto Seguro announced their alliance.[5] The alliance combined residential and automobile insurance operations and included an operating agreement that provided exclusive access to offer homeowner and vehicle insurance products to clients of Banco Itaú Unibanco in Brazil and Uruguay.

In June 2013, the bank agreed to buy Citibank Uruguay's retail banking operations.[6]

In 2014, Banco Itaú announced that it was merging with Chilean bank Corpbanca.[7] As a result, Itaú bought Helm Bank, Corpbanca's operation in Colombia and Panama, and rebranded it under the Itaú name.[8]

Wikimedia Commons has media related to Banco Itaú.

References

  1. 1 2 3 4 5 6 "Demonstrações Contábeis em IFRS (2021)". Itaú Unibanco RI (in Brazilian Portuguese). February 10, 2022. pp. 15, 20, 22. Retrieved June 21, 2022.
  2. ↑ Jeffrey Sy, Ryan (April 25, 2022). "Latin America's 50 largest banks by assets, 2022". S&P Global Market Intelligence. Retrieved June 1, 2022.
  3. ↑ "Banks and beer top Brazil's 10 most valuable brands". The Brazilian Report. 2022-05-03. Retrieved 2022-06-29.
  4. ↑ "Itaú e Unibanco anunciam fusão e criam maior grupo financeiro do Hemisfério Sul". Folha de S. Paulo (in Portuguese). November 4, 2009. Retrieved March 3, 2021.
  5. ↑ "Latest Merger Could Redraw Brazil's Insurance Map". The Wall Street Journal. Retrieved 2009-08-24.
  6. ↑ Natalia Gómez (28 June 2013). "Itaú Unibanco agrees to buy Citi Uruguay's retail bank unit". Reuters.
  7. ↑ "Corpbanca escogió a Itaú". Dinero (in Spanish). January 28, 2014. Retrieved August 14, 2017.
  8. ↑ "Sedes de la antigua red Helm Bank empiezan a operar como Itaú". Dinero (in Spanish). May 22, 2017. Retrieved August 14, 2017.
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