Itau Unibanco (Brazil)


Itau Unibanco was created from the merger in 2009 of Brazil's #2 and #3 banks, becoming the country's biggest independent lender by market value as well as the biggest non-state-owned financial services company in Latin America. Interbrand has ranked Itau as Brazil's most valuable brand in Brazil every year since its annual rankings began in 2005. It has operations in eight of the region's wealthiest countries and 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 40%, as well as Citi subsidiaries in other Latin markets. A year later it agreed the merger of its Chilean subsidiary with that country's CorpBanca. The bank has representation in other major global financial markets but no plans to establish a significant presence outside Latin America. It is the best-known division of Itausa Investimentos, a conglomerate that also has interests in industrial manufacturing, real estate and electronics. Roberto Setubal, the son of Itau's founder, is chief executive. Pedro Moreira Salles, from the family behind Unibanco, is chairman. Revenues for 2014 were approximately $39bn. Having made a small fortune in engineering, Olavo Egydio Setubal took control of a small regional lender owned by his wife's uncle in the 1960s and expanded it into the country's biggest privately owned bank through acquisitions and scrupulously careful financial management. The Egydio and Moreira Salles families still 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 Adbrands.net 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 4th June 2015

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