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. Interbrand has named Itau Brazil's most valuable brand every year since 2004. Its main private sector rivals are Bradesco and Santander; 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 37%. It then bought Citi's retail operations there as well in 2016. Among its many other subsidiaries is the auto sales and financing site iCarros and, via a 30% stake, insurer Porto Seguro. 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 2016 was approx $28bn, and total assets around $290bn. 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, was chief executive of Itau for more than 20 years until 2017, when he became co-chairman with Pedro Moreira Salles of Unibanco's founding family. Candido Bracher is now CEO. 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. The original company behind what became Unibanco was founded by the Moreira family in 1924. 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 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 19th January 2018
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