Itaú Unibanco

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Itaú Unibanco S.A.
TypeSociedade Anônima
B3: ITUB3, ITUB4
NYSE: ITUB
IndustryBanking, Financial services
PredecessorBanco Itaú
Unibanco
Founded4 November 2008; 13 years ago (4 November 2008)
HeadquartersSão Paulo, São Paulo, Brazil
Area served
Worldwide
Key people
Milton Maluhy Filho, (CEO)
Pedro Moreira Salles, (Chairman)
ProductsInvestment banking
Retail Banking
Credit cards
RevenueDecrease US$ 42.7 billion (2018)[1]
Increase US$ 6.5 billion (2018) [2]
Total assetsIncrease US$ 402.0 billion (2018) [3]
Number of employees
96,435
ParentItaúsa
SubsidiariesRede
Itaú CorpBanca
Itaú Argentina
Itaú Paraguay
Itaú Uruguay
Credicard
Websitewww.itau.com

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 second largest banking institution in Brazil, as well as the second largest in Latin America,[4][5] and the seventy-first largest bank in the world. It is also one of twenty most valuable banks in the world. The bank is listed at the B3 in São Paulo and in NYSE in New York.

Itaú Unibanco has operations in Argentina, 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, of which 3,527 branches are in Brazil, and around 28,000 ATMs and 55 million customers globally.

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

History[]

In September 2006, Banco Itaú bought the BankBoston assets in Brazil, Chile 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 of this merger, Itaú bought Helm Bank, Corpbanca's operation in Colombia and Panama, and rebranded it under the Itaú name: the branches of Helm Bank in Colombia and Panama began trading as Itaú on May 22, 2017.[8]

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 the country'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.[9]

On August 22, 2009, Banco Itaú Unibanco and insurance company Porto Seguro disclosed that they had entered into an alliance.[10] The alliance aims to combine their residential and automobile insurance operations and includes an Operating Agreement under which the alliance will have exclusive access to offer and distribute homeowner and vehicle insurance products to clients of Banco Itaú Unibanco's branch network in Brazil and Uruguay.

References[]

  1. ^ "Forbes". Forbes.
  2. ^ "Itaú Unibanco 2011 net income R$ 14.6/US$8.4Billion with R$1.00 = USD 0.53 in 31/12/2011".[permanent dead link]
  3. ^ "Itau Unibanco's Q4 2011 net income rises to USD2.17bn on cost control". www.m2.com.
  4. ^ "Top 1000 World Banks 2020 - Latin America". top1000worldbanks.com. Retrieved 2021-07-05.
  5. ^ "Latin America's 50 largest banks by assets, 2021". www.spglobal.com. Retrieved 2021-07-05.
  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.
  9. ^ "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.
  10. ^ "Latest Merger Could Redraw Brazil's Insurance Map". The Wall Street Journal. Retrieved 2009-08-24.[dead link]

External links[]

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