Banco Itaú
A major Brazilian bank whose 2008 merger with Unibanco created Banco Itaú Unibanco.
Last updated August 21, 2026
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Overview
Banco Itaú was a major Brazilian banking institution and the predecessor of Itaú Unibanco. Its origins date to 1945, when Banco Central de Crédito was established in São Paulo. The institution later became Banco Federal de Crédito and, in 1964, merged with Banco Itaú, a rural bank associated with the business community of Itaú de Minas in Minas Gerais. The combined organization adopted the Banco Federal Itaú name and subsequently developed the Itaú identity that became one of Brazil’s most recognizable financial brands. The bank’s growth was driven by a combination of acquisitions, geographic expansion, technology investment and diversification. During the 1960s and 1970s it acquired or incorporated several Brazilian banks, including Banco Sul Americano, Banco da América, Banco Aliança, Banco Português do Brasil and Banco União Comercial. In 1979 it began international activity through a New York representative office and a Buenos Aires subsidiary. Its international infrastructure expanded in the 1980s and 1990s, including the conversion of the New York representative office into a branch and the creation or acquisition of operations in Europe, Argentina and the Cayman Islands. In Brazil, Banco Itaú participated in the consolidation of the banking sector during the 1990s. It acquired BFB from Crédit Lyonnais and purchased former state-owned banks during privatization programs, including Banerj in Rio de Janeiro, BEMGE in Minas Gerais, Banestado in Paraná and BEG in Goiás. The bank also invested heavily in automated banking, expanding ATMs and self-service systems. This modernization increased operating efficiency and changed the scale and structure of its workforce, while broadening customer access to routine banking services. The institution expanded beyond traditional retail banking. Its activities included corporate and wholesale banking, investment banking, vehicle finance, asset management, international banking and other financial services. Partnerships and corporate transactions included the creation of an investment-banking venture with Bankers Trust, the development of Banco Itaú-BBA through the integration of wholesale-banking operations, and the acquisition of Banco Fiat and Fiat’s Brazilian vehicle-financing activities. The 2006 purchase of BankBoston’s Brazilian operations added approximately 300,000 customers and R$22 billion in assets, according to contemporary reporting and reference material; the transaction also included arrangements concerning BankBoston operations in Chile and Uruguay. On November 2, 2008, Banco Itaú and Unibanco announced a merger. The transaction combined two of Brazil’s largest private banking groups during the global financial crisis. Brazil’s Central Bank approved the merger in February 2009, and the resulting institution became Banco Itaú Unibanco. Banco Itaú therefore ceased to exist as an independent banking group, although the Itaú name continued as the principal consumer-facing brand of the successor organization. The former bank also became subject to regulatory remediation. In 2020, following an investigation into improperly charged fees dating from 2008 through 2018, Itaú reached an agreement with Brazil’s Central Bank to reimburse approximately R$75.6 million to about 4.7 million customers. This matter relates to the institution and successor group’s historical customer-fee practices and illustrates the regulatory obligations associated with the bank’s large retail operation.
History
Banco Itaú’s history began in 1945 with the creation of Banco Central de Crédito. The bank later operated as Banco Federal de Crédito before merging in 1964 with Banco Itaú, a rural bank connected with commercial interests in Itaú de Minas, Minas Gerais. The resulting institution became Banco Federal Itaú S.A. and used acquisitions to establish a broader national presence. Its first major expansion phase occurred during the 1960s and 1970s. Banco Sul Americano joined the organization in 1966, followed by Banco da América in 1969. During the 1970s the bank added Banco Aliança in Rio de Janeiro, Banco Português do Brasil and Banco União Comercial. These transactions helped transform a regional institution into a national banking group. In 1979, Banco Itaú began international operations by opening a representative office in New York and a subsidiary in Buenos Aires. The New York office became a full branch in 1984, and Banco Pinto de Magalhães was acquired in 1985. The 1990s combined technological modernization with domestic and international expansion. Banco Itaú established Banco Itaú Europa, Banco Itaú Argentina and Itaú Bank in the Cayman Islands in 1994. In 1995 it acquired BFB, formerly Banco Francês e Brasileiro, from Crédit Lyonnais. The bank also took part in Brazil’s program of bank privatizations, acquiring Banerj in 1997, BEMGE in 1998, Banestado in 2000 and BEG in 2001. In parallel, it expanded ATM networks and self-service channels. Automation was a central operational strategy, although it was accompanied by a substantial reduction in the bank’s workforce. International acquisitions continued with the purchase of Bamerindus Luxembourg in 1997, later renamed Banco Itaú Europa Luxembourg, and Banco del Buen Ayre in Argentina in 1998. Banco del Buen Ayre was integrated into Banco Itaú Argentina, which later used the Banco Itaú Buen Ayre name. The bank also developed partnerships, including a 1996 investment-banking venture with Bankers Trust that was later renamed Itauvest Banco de Investimento. It became a significant shareholder in Portugal’s Banco BPI. In wholesale banking, Banco Itaú merged Banco BBA-Creditanstalt with its wholesale operations in 2002, leading to the creation of Banco Itaú-BBA in 2003. The group also acquired Banco Fiat and Fiat’s Brazilian vehicle-finance business in 2002. A Tokyo branch opened in 2004. In April 2006, Banco Itaú acquired BankBoston’s Brazilian operations after Bank of America acquired FleetBoston. The transaction added roughly 300,000 customers and R$22 billion in assets, and related arrangements later supported the acquisition of BankBoston operations in Chile and Uruguay after regulatory approvals. The decisive event was the 2008 merger with Unibanco. The companies announced their agreement on November 2, 2008, amid the international financial crisis. Regulatory approval from Brazil’s Central Bank followed in February 2009. Banco Itaú ceased to be an independent bank and was replaced by Banco Itaú Unibanco, while the Itaú name remained central to the successor’s branding. In 2020, the successor group agreed to reimburse customers after a regulatory investigation found improperly charged fees during the 2008–2018 period.
- 2009
Merger receives Central Bank approval
[1]Brazil’s Central Bank approved the Itaú–Unibanco merger, forming the successor institution.
- 2008
Merger with Unibanco is announced
[1]Banco Itaú and Unibanco announced their agreement to merge on November 2.
- 2006
BankBoston Brazil is acquired
[1]Banco Itaú acquired BankBoston’s Brazilian operations, adding approximately 300,000 customers and R$22 billion in assets.
- 2003
Banco Itaú-BBA is created
[1]The integration of Banco BBA-Creditanstalt with wholesale operations led to Banco Itaú-BBA.
- 2002
Banco Fiat is acquired
[1]Banco Itaú acquired Banco Fiat together with Fiat’s Brazilian vehicle-financing operations.
- 2001
BEG is acquired
[1]Banco Itaú acquired BEG in Goiás.
- 2000
Banestado is acquired
[1]The bank acquired Banestado in Paraná during Brazil’s bank-privatization process.
- 1998
BEMGE and Banco del Buen Ayre are acquired
[1]Banco Itaú acquired BEMGE in Brazil and Banco del Buen Ayre in Argentina.
- 1997
Banerj and Bamerindus Luxembourg transactions
[1]The bank acquired Brazil’s Banerj and Bamerindus Luxembourg, the latter later becoming Banco Itaú Europa Luxembourg.
- 1995
BFB is acquired
[1]Banco Itaú acquired Banco Francês e Brasileiro from Crédit Lyonnais.
Products and positioning
A large, technology-oriented Brazilian universal bank combining retail, corporate, investment and international financial services.
Retail banking
Retail banking
Banco Itaú provided mass-market banking services through branches, ATMs and automated self-service channels. Its retail activity covered everyday transactions and customer accounts, while technology investment expanded access to routine services and reduced reliance on branch-based processing.
Corporate banking · 2003
Corporate and wholesale banking
The bank served companies and institutional clients through credit, treasury, structured finance and other wholesale services. The integration of Banco BBA-Creditanstalt with Banco Itaú’s wholesale operations produced Banco Itaú-BBA, strengthening this business line.
Investment banking · 1996
Investment banking
Banco Itaú operated investment-banking activities directly and through strategic arrangements. A 1996 venture with Bankers Trust became Itauvest Banco de Investimento, while later wholesale integration broadened the group’s capital-markets and advisory capabilities.
Consumer finance · 2002
Vehicle finance
The acquisition of Banco Fiat in 2002 brought Fiat’s Brazilian vehicle-financing operations into Banco Itaú. This business extended the bank’s consumer-finance reach beyond deposits and conventional lending.
Asset management
Asset management
Asset management was part of Banco Itaú’s broader financial-services portfolio, complementing its retail, corporate and investment-banking businesses. The activity served clients seeking professionally managed investment products.
International banking · 1979
International banking
The bank operated or invested in banking businesses across Latin America, Europe, North America and Asia. Its international network included Argentina, Chile, Uruguay, Portugal, Luxembourg, the Cayman Islands, the United States and Japan.
Controversies
Brand decisions
2020
Customer-fee reimbursement agreementOtherBackground
A Central Bank investigation examined fees charged between 2008 and 2018.
Action taken
Itaú agreed to reimburse customers approximately R$75.6 million.
Aftermath
About 4.7 million customers were identified for reimbursement under the agreement.
Customer reimbursement. R$75.6 million (2020 agreement concerning charges from 2008–2018)
2008
Merger with UnibancoM&ABackground
The combination was announced during the global financial crisis and brought together two of Brazil’s largest private banking groups.
Action taken
Banco Itaú and Unibanco agreed to merge, creating the group that became Banco Itaú Unibanco.
Aftermath
After Central Bank approval in February 2009, Banco Itaú ceased to exist as an independent banking group and its principal brand continued within the successor institution.
2006
Acquisition of BankBoston’s Brazilian operationsM&ABackground
Bank of America’s acquisition of FleetBoston made BankBoston’s Brazilian business available for transfer.
Action taken
Banco Itaú acquired the Brazilian operations and obtained an exclusive option concerning BankBoston’s operations in Chile and Uruguay.
Aftermath
The transaction added approximately 300,000 customers and R$22 billion in assets; the Chilean and Uruguayan operations later became part of Itaú’s international network after regulatory approvals.
Assets added. R$22 billion added (2006)
Sources2 sources
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