Banco Itaú
Encyclopedia
Itaú Unibanco is a publicly quoted bank
with headquarters in São Paulo
, Brazil
. The bank is the result of the merger of Banco Itaú
and Unibanco
, which occurred on November 4, 2008 to form Itaú Unibanco Holding S.A, the largest financial conglomerate in the Southern Hemisphere
and is the 10th largest bank in the world by market value. The bank ist listed at the BM&F Bovespa in São Paulo and in NYSE in New York. Currently is the second biggest Brazilian bank by assest, afeter Banco do Brasil
.
Itaú Unibanco owns the Redecard
, the second largest Brazilian card payment company. Itaú Unibanco accounts for about 11% of the Brazilian market for retail banking services. It has operations in Argentina
, Chile
, Paraguay
and Uruguay
in South America, as well as in England, Luxembourg
and Portugal in Europe, USA, Japan, China, Hong Kong and UAE in Asia. It is the most important subsidiary of Investimentos Itaúsa
, a large conglomerate that ranks among Fortune magazine's top 500 corporations in the world. The bank has offices in Asuncion
, Buenos Aires
, Cayman Islands
, Dubai
, Hong Kong, Lisbon
, London, Luxembourg
, Montevideo
, Nassau
, New York, Santiago
, Shanghai and Tokyo On August 22, 2009, Itaú Unibanco and insurance company Porto Seguro
disclosed that they had entered into an alliance
.
The alliance aims to combine their residential and automobile insurance operations and includes an Operating Agreement under which the alliance will have exclusive access to offer and distribute homeowner and auto insurance products to clients of Itaú Unibanco's branch network in Brazil
and Uruguay
(“Alliance”). Currently the bank has over 5,000 bank branches and ATMs in Brazil and in the world.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
with headquarters in São Paulo
São Paulo
São Paulo is the largest city in Brazil, the largest city in the southern hemisphere and South America, and the world's seventh largest city by population. The metropolis is anchor to the São Paulo metropolitan area, ranked as the second-most populous metropolitan area in the Americas and among...
, Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
. The bank is the result of the merger of Banco Itaú
Banco Itaú
Itaú Unibanco is a publicly quoted bank with headquarters in São Paulo, Brazil. The bank is the result of the merger of Banco Itaú and Unibanco, which occurred on November 4, 2008 to form Itaú Unibanco Holding S.A, the largest financial conglomerate in the Southern Hemisphere and is the 10th...
and Unibanco
Unibanco
Unibanco stands for União de Bancos Brasileiros . The bank was born in 1924 in Poços de Caldas in the state of Minas Gerais. In time its headquarters moved to São Paulo, Brazil's financial center...
, which occurred on November 4, 2008 to form Itaú Unibanco Holding S.A, the largest financial conglomerate in the Southern Hemisphere
Southern Hemisphere
The Southern Hemisphere is the part of Earth that lies south of the equator. The word hemisphere literally means 'half ball' or "half sphere"...
and is the 10th largest bank in the world by market value. The bank ist listed at the BM&F Bovespa in São Paulo and in NYSE in New York. Currently is the second biggest Brazilian bank by assest, afeter Banco do Brasil
Banco do Brasil
Banco do Brasil S.A. is the largest Brazilian and Latin American bank by assets, and the third by market value. The bank, headquartered in Brasília, was founded in 1808 and is the oldest active bank in Brazil — and one of the oldest financial institutions in the world.Banco do Brasil is controlled...
.
Itaú Unibanco owns the Redecard
Redecard
Redecard is a Brazilian multi-brand acquirer with 25 brands in its portfolio, for credit, debit and benefit cards. Its activities include merchant acquiring, capturing, transmission, processing and settlement of credit and debit card transactions, prepayment of receivables to merchants , rental of...
, the second largest Brazilian card payment company. Itaú Unibanco accounts for about 11% of the Brazilian market for retail banking services. It has operations in Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
, Chile
Chile
Chile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...
, Paraguay
Paraguay
Paraguay , officially the Republic of Paraguay , is a landlocked country in South America. It is bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. Paraguay lies on both banks of the Paraguay River, which runs through the center of the...
and Uruguay
Uruguay
Uruguay ,officially the Oriental Republic of Uruguay,sometimes the Eastern Republic of Uruguay; ) is a country in the southeastern part of South America. It is home to some 3.5 million people, of whom 1.8 million live in the capital Montevideo and its metropolitan area...
in South America, as well as in England, Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
and Portugal in Europe, USA, Japan, China, Hong Kong and UAE in Asia. It is the most important subsidiary of Investimentos Itaúsa
Itaúsa
Itaúsa is a Brazilian conglomerate company which controls several companies active in areas such as the financial and real estate sectors; industries including wood panels, pottery and metal; health; chemicals; and electronics...
, a large conglomerate that ranks among Fortune magazine's top 500 corporations in the world. The bank has offices in Asuncion
Asunción
Asunción is the capital and largest city of Paraguay.The "Ciudad de Asunción" is an autonomous capital district not part of any department. The metropolitan area, called Gran Asunción, includes the cities of San Lorenzo, Fernando de la Mora, Lambaré, Luque, Mariano Roque Alonso, Ñemby, San...
, Buenos Aires
Buenos Aires
Buenos Aires is the capital and largest city of Argentina, and the second-largest metropolitan area in South America, after São Paulo. It is located on the western shore of the estuary of the Río de la Plata, on the southeastern coast of the South American continent...
, Cayman Islands
Cayman Islands
The Cayman Islands is a British Overseas Territory and overseas territory of the European Union located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica...
, Dubai
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
, Hong Kong, Lisbon
Lisbon
Lisbon is the capital city and largest city of Portugal with a population of 545,245 within its administrative limits on a land area of . The urban area of Lisbon extends beyond the administrative city limits with a population of 3 million on an area of , making it the 9th most populous urban...
, London, Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
, Montevideo
Montevideo
Montevideo is the largest city, the capital, and the chief port of Uruguay. The settlement was established in 1726 by Bruno Mauricio de Zabala, as a strategic move amidst a Spanish-Portuguese dispute over the platine region, and as a counter to the Portuguese colony at Colonia del Sacramento...
, Nassau
Nassau, Bahamas
Nassau is the capital, largest city, and commercial centre of the Commonwealth of the Bahamas. The city has a population of 248,948 , 70 percent of the entire population of The Bahamas...
, New York, Santiago
Santiago, Chile
Santiago , also known as Santiago de Chile, is the capital and largest city of Chile, and the center of its largest conurbation . It is located in the country's central valley, at an elevation of above mean sea level...
, Shanghai and Tokyo On August 22, 2009, Itaú Unibanco and insurance company Porto Seguro
Porto Seguro S.A.
Porto Seguro is the second largest insurance company in Brazil, was funded in 1945 and has more than 10.000 employees. The company operates through its subsidiaries in Brazil and in Uruguay. Its headquartered in São Paulo....
disclosed that they had entered into an alliance
Alliance
An alliance is an agreement or friendship between two or more parties, made in order to advance common goals and to secure common interests.See also military alliance and business alliance.-International relations:...
.
The alliance aims to combine their residential and automobile insurance operations and includes an Operating Agreement under which the alliance will have exclusive access to offer and distribute homeowner and auto insurance products to clients of Itaú Unibanco's branch network in Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
and Uruguay
Uruguay
Uruguay ,officially the Oriental Republic of Uruguay,sometimes the Eastern Republic of Uruguay; ) is a country in the southeastern part of South America. It is home to some 3.5 million people, of whom 1.8 million live in the capital Montevideo and its metropolitan area...
(“Alliance”). Currently the bank has over 5,000 bank branches and ATMs in Brazil and in the world.