Itau-Unibanco (Brazil)

Itau-Unibanco was created from the merger in 2009 of Brazil's #2 and #3 banks, becoming the country's #1 by market value as well as the biggest financial services company in Latin America. The Banker magazine named it Americas Bank of the Year for 2014; Interbrand has named Itau Brazil's most valuable brand every year since 2004. Its main private sector rival is Bradesco, while Banco do Brasil and Caixa Economica Federal are both state-controlled. The original Itau bank has steadily increased its dominance of the local market through a series of astute acquisitions. In 2013, for example, it agreed to acquire the local consumer finance operations of Citigroup, increasing its share of the Brazilian credit card market to an estimated 38%. Although it generates around 90% of revenues from the domestic market, Itau has also steadily expanded its footprint in other Latin American markets through selective local acquisitions or partnerships. Gross income for 2014 was approx $35bn, and total assets around $415bn. It is the best-known division of Investimentos Itausa, a conglomerate that also has interests in industrial manufacturing, real estate and electronics. Roberto Setubal, the son of Itau's founder, is chief executive. Having made a small fortune in engineering, Olavo Setubal took control of a small regional lender owned by his wife's family in the 1960s and expanded it into the country's biggest privately owned bank through acquisitions and scrupulously careful financial management. Itau's Egydio, Setubal and Vilella families, and the Moreira Salles family of Unibanco still jointly control 90% of Itau's voting stock. Adbrands no longer profiles this company but subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.

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Capsule checked 16th October 2015

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