Itaú Unibanco
One of Brazil’s largest private financial institutions, created by the 2008 merger of Banco Itaú and Unibanco.
Last updated August 31, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Itaú Unibanco is a Brazilian financial-services group headquartered in São Paulo. The institution was created in November 2008 when Banco Itaú and Unibanco announced a combination that brought together two major Brazilian banking franchises. The resulting organization became one of the country’s largest private banks and one of the most significant banking groups in Latin America. Its activities span consumer and retail banking, business and corporate banking, investment banking, private banking, asset management, insurance-related services, pension products and international banking. The merger significantly expanded the combined institution’s scale. At formation, the new bank reported approximately R$575 billion in assets, about R$51.7 billion in net equity and a combined credit portfolio of roughly R$225.3 billion. It also had approximately 4,800 branches and service locations, 14.5 million account holders and a large wholesale client base. The transaction combined Itaú’s established retail, corporate and capital-markets operations with Unibanco’s banking, consumer-finance and international activities. Itaú Unibanco’s Brazilian business includes mass-market banking as well as differentiated propositions for affluent customers and companies. Branded offerings include Itaú Personnalité for higher-income and wealth-oriented customers, Itaú Uniclass for customers seeking enhanced retail services, and Itaú Empresas for business banking. The group also operates in private banking and asset management, serving individuals, institutions and corporate clients. Its wholesale activities include lending, treasury, investment banking and financial-market services. The group developed its international footprint through both organic operations and acquisitions. Before the merger, Banco Itaú acquired BankBoston assets in Brazil, Chile and Uruguay in 2006. After the merger, Itaú Unibanco expanded or consolidated operations across Latin America, including Chile, Colombia, Panama, Paraguay and Uruguay, while maintaining offices and financial-services activities in North America, Europe, Asia and the Middle East. The bank’s international locations have included Asunción, Buenos Aires, the Cayman Islands, Dubai, Hong Kong, Lisbon, London, Luxembourg, Montevideo, Nassau, New York, Miami, Santiago, Shanghai, Tokyo and Zürich. Important subsequent transactions included an alliance with Porto Seguro announced in 2009, the acquisition of Citibank Uruguay’s retail-banking operations agreed in 2013, and the combination with Chilean bank CorpBanca announced in 2014. The CorpBanca transaction also brought Itaú into CorpBanca’s operations in Colombia and Panama, including Helm Bank, which were subsequently rebranded under the Itaú name. Itaú Unibanco is controlled within the broader Itaúsa corporate group and is publicly traded in Brazil, with American depositary securities traded in New York. The bank remains principally identified with Brazil while presenting itself as a regional Latin American financial institution with capabilities in retail banking, corporate finance, wealth management and capital markets. In 2022, the Itaú brand was reported as one of Brazil’s most valuable brands.
History
Itaú Unibanco is the product of the consolidation of two important Brazilian banking institutions, Banco Itaú and Unibanco. Its corporate history is therefore rooted in the development of both predecessor groups, although the Itaú Unibanco entity itself dates from the 2008 combination. A significant pre-merger step occurred in November 2006, when Banco Itaú acquired BankBoston’s assets in Brazil, Chile and Uruguay. That transaction expanded Itaú’s retail and commercial footprint and gave it a stronger regional platform. Two years later, on 16 November 2008, Banco Itaú and Unibanco announced their merger. The combination created a bank with approximately R$575 billion in assets, around R$51.7 billion in net equity and a combined credit portfolio of approximately R$225.3 billion. At the time, the new group had about 4,800 branches and service points, 14.5 million account holders and a substantial share of Brazil’s banking network, credit market and deposits. The merger also created a broad business structure. Retail banking served individuals through conventional branch and digital channels, while wholesale banking served more than 2,000 Brazilian economic groups. The combined private-banking operation was described as the largest in Latin America at the time, with approximately R$90 billion in assets under management. The group also held significant positions in insurance and pension products, alongside lending, payments, treasury, investment banking and asset management. Following the merger, Itaú Unibanco pursued a mixture of partnerships, acquisitions and regional integration. In August 2009, it announced an alliance with Porto Seguro, an insurance company. In June 2013, it agreed to buy Citibank Uruguay’s retail-banking operations. In 2014, Itaú announced a combination with Chilean bank CorpBanca. The resulting regional structure included CorpBanca’s operations in Colombia and Panama, including Helm Bank, which were subsequently placed under the Itaú brand. The group’s international network has included operations and offices throughout Latin America, North America, Europe, Asia and the Middle East. Its listed securities have traded in Brazil and in New York, while Itaúsa has served as the broader corporate parent. The bank’s identity has remained strongly Brazilian, but its international operations and regional acquisitions have made it a prominent Latin American financial-services institution. Its customer propositions range from mass-market retail banking to Itaú Uniclass, Itaú Personnalité, business banking, private banking and institutional services. In 2022, the Itaú brand was cited as Brazil’s most valuable brand.
- 2022
Itaú cited as Brazil’s most valuable brand
[1]The Itaú brand was reported as Brazil’s most valuable brand in the cited reference.
- 2014
CorpBanca combination announced
[1]Itaú announced a combination with Chilean bank CorpBanca, bringing associated operations in Colombia and Panama into the regional group.
- 2013
Citibank Uruguay retail acquisition agreed
[1]The bank agreed to purchase Citibank’s retail-banking operations in Uruguay.
- 2009
Porto Seguro alliance
[1]Itaú Unibanco and Porto Seguro announced a strategic alliance connecting banking and insurance activities.
- 2008
Itaú and Unibanco merge
[1]Banco Itaú and Unibanco announced the transaction that formed Banco Itaú Unibanco, one of Latin America’s largest banking groups.
- 2006
BankBoston asset acquisition
[1]Banco Itaú acquired BankBoston assets in Brazil, Chile and Uruguay, expanding its regional banking platform before the later merger with Unibanco.
Products and positioning
A leading Brazilian private bank combining mass-market banking, corporate finance, investment banking and wealth-management capabilities with a broad Latin American and international presence.
Consumer banking
Retail banking
Itaú’s retail-banking business provides everyday financial services for individuals, including deposit accounts, payments, cards, lending and related banking services. It serves a broad Brazilian customer base through the group’s branch, service and digital distribution channels.
Affluent banking
Itaú Personnalité
Itaú Personnalité is the group’s proposition for affluent customers. It is associated with differentiated retail service, financial planning and access to investment and wealth-management capabilities within the wider Itaú organization.
Retail banking
Itaú Uniclass
Itaú Uniclass is a differentiated retail-banking offering positioned between mass-market banking and the group’s higher-income Personnalité proposition. It provides customers with enhanced service and access to broader banking products.
Business banking
Itaú Empresas
Itaú Empresas serves small, medium-sized and other business customers with banking, credit, cash-management and financial-services solutions. It forms part of the group’s wider commercial and wholesale banking franchise.
Wealth management
Private banking and asset management
The group provides private-banking and asset-management services to wealthy individuals, institutions and other investors. Its private-banking operation became a significant Latin American wealth-management platform following the 2008 merger.
Brand decisions
2014
Combination with CorpBancaM&ABackground
Itaú pursued greater scale in Chile and additional banking operations in neighboring Latin American markets.
Action taken
Itaú announced a merger with Chilean bank CorpBanca. The resulting structure included CorpBanca operations in Colombia and Panama, including Helm Bank.
Aftermath
The Colombian and Panamanian businesses were subsequently rebranded under the Itaú name, extending the group’s regional identity.
2013
Citibank Uruguay retail-banking acquisitionM&ABackground
Itaú sought to expand its retail-banking presence in Uruguay.
Action taken
The bank agreed to buy Citibank Uruguay’s retail-banking operations.
Aftermath
The agreement strengthened Itaú’s position in the Uruguayan retail market.
2009
Alliance with Porto SeguroStrategyBackground
Itaú Unibanco pursued a broader financial-services model linking banking distribution with insurance activities.
Action taken
The bank announced an alliance with Porto Seguro.
Aftermath
The alliance expanded the relationship between the banking group and a major insurance provider, although the cited material does not provide further operating details.
2008
Merger with UnibancoM&ABackground
Banco Itaú and Unibanco sought to combine their Brazilian banking operations during a period of financial-market stress and create a larger, more diversified institution.
Action taken
The institutions announced a merger that created Banco Itaú Unibanco, combining retail, wholesale, private-banking, credit and investment activities.
Aftermath
The resulting bank became one of Brazil’s largest private financial institutions, with a major share of the country’s branches, credit and deposits.
Assets at formation. Approximately R$575 billion (2008)
Recent events
- Unconfirmed
Itaú begins offering Recurring Virtual Card[3]
Reported:
Itaú began offering the Recurring Virtual Card in its app and card apps for payments such as subscriptions, transportation and delivery services, and digital-wallet registration.
Sources3 sources
Cite this profile: Cite the canonical profile. /brand-wiki/itaú-unibanco · Editorial policy · How profiles are compiled