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Banco Itaú S.A. was a Brazilian bank that merged with
Unibanco Unibanco S.A. was a Brazilian bank which operated from 1924 to 2009, when it was merged into Banco Itaú. The name stood for ''União de Bancos Brasileiros'' ("Union of Brazilian Banks"). Foundation In 1924 João Moreira Salles established the ...
on November 4, 2008, to form Banco Itaú Unibanco.


History

Banco Itaú began in 1945 under the name ''Banco Central de Crédito'' (Central Bank of Credit) and later changed its name to ''Banco Federal de Crédito'' (Federal Bank of Credit). In 1964, Banco Federal Itaú S.A. merged Banco Federal de Crédito and Banco Itaú, a rural bank belonging to a group originated in Itaú de Minas, in
Minas Gerais Minas Gerais () is one of the 27 federative units of Brazil, being the fourth largest state by area and the second largest in number of inhabitants with a population of 20,539,989 according to the 2022 Brazilian census, 2022 census. Located in ...
state. Later that decade, Banco Itaú acquired Banco Sul Americano (1966) and Banco da América (1969). In the 1970s, it merged with Banco Aliança in
Rio de Janeiro Rio de Janeiro, or simply Rio, is the capital of the Rio de Janeiro (state), state of Rio de Janeiro. It is the List of cities in Brazil by population, second-most-populous city in Brazil (after São Paulo) and the Largest cities in the America ...
(1973), Banco Português do Brasil (1974), and Banco União Comercial (1974). In 1979, it opened its first operations abroad with a representative office in
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
and a subsidiary in
Buenos Aires Buenos Aires, controlled by the government of the Autonomous City of Buenos Aires, is the Capital city, capital and largest city of Argentina. It is located on the southwest of the Río de la Plata. Buenos Aires is classified as an Alpha− glob ...
. In the 1980s, it acquired only one small bank, Banco Pinto de Magalhães (1985). Still, this enabled it to continue growing while other Brazilian banks were getting smaller. In 1984, it converted its representative office in New York to a branch. In the 1990s, it acquired BFB (Banco Francês e Brasileiro) (1995) from
Credit Lyonnais Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), ...
, and also several privatized former state banks: *1997: Banerj (
Rio de Janeiro Rio de Janeiro, or simply Rio, is the capital of the Rio de Janeiro (state), state of Rio de Janeiro. It is the List of cities in Brazil by population, second-most-populous city in Brazil (after São Paulo) and the Largest cities in the America ...
) *1998: BEMGE (
Minas Gerais Minas Gerais () is one of the 27 federative units of Brazil, being the fourth largest state by area and the second largest in number of inhabitants with a population of 20,539,989 according to the 2022 Brazilian census, 2022 census. Located in ...
) *2000: Banestado ( Paraná) *2001: BEG (
Goiás Goiás () is a Brazilian States of Brazil, state located in the Central-West Region, Brazil, Central-West region. Goiás borders the Federal District (Brazil), Federal District and the states of (from north clockwise) Tocantins, Bahia, Minas Ge ...
) During the 1990s, Banco Itaú invested heavily in automation, including ATMs and machines installed on customers' premises. At the same time, it cut its staff by more than 50%. In 1994, it expanded its international operations by founding Banco Itaú Europa, Banco Itaú Argentina, and Itaú Bank ( Cayman). In 1997, it acquired Bamerindus
Luxembourg Luxembourg, officially the Grand Duchy of Luxembourg, is a landlocked country in Western Europe. It is bordered by Belgium to the west and north, Germany to the east, and France on the south. Its capital and most populous city, Luxembour ...
, which is now Banco Itaú Europa Luxembourg. When it acquired Banco del Buen Ayre in Argentina in 1998, it subsequently incorporated it into Banco Itaú Argentina, now known as Banco Itaú Buen Ayre. Banco Itaú has also established a number of alliances. In 1996, it and
Bankers Trust Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown & Sons in 1997 before being acquired by Deutsche Bank in 1999. Deutsche Bank sold the Trust and Custody division of Bankers Trust to State Street Corp ...
, New York, created Itaú Bankers Trust Banco de Investimento, the present Itauvest Banco de Investimento. Banco Itaú also has an important stake in Banco BPI, one of Portugal's largest banks. In 2002, Banco Itaú joined with Banco BBA- Creditanstalt S.A. (BBA) to create, in 2003, Banco Itaú-BBA, the largest wholesale bank in Brazil. In the 2000s (decade), it continued to acquire banks. In 2002, it acquired Banco Fiat, together with all of
Fiat Fiat Automobiles S.p.A., commonly known as simply Fiat ( , ; ), is an Italian automobile manufacturer. It became a part of Fiat Chrysler Automobiles in 2014 and, in 2021, became a subsidiary of Stellantis through its Italian division, Stellant ...
's auto financing activities. In 2004, it opened a branch in
Tokyo Tokyo, officially the Tokyo Metropolis, is the capital of Japan, capital and List of cities in Japan, most populous city in Japan. With a population of over 14 million in the city proper in 2023, it is List of largest cities, one of the most ...
. Then, in April 2006, Banco Itaú purchased the Brazilian operations of BankBoston, a subsidiary that
Bank of America The Bank of America Corporation (Bank of America) (often abbreviated BofA or BoA) is an American multinational investment banking, investment bank and financial services holding company headquartered at the Bank of America Corporate Center in ...
acquired with its purchase of FleetBoston. This increased Banco Itaú's clients by 300,000 and assets by R$22 billion. In return, Bank of America took about a 6% stake in Banco Itaú. BankBoston do Brazil had been founded in 1947. With the purchase, the BankBoston name disappeared from Brazil as Bank of America retained the rights to the name. Banco Itaú also received exclusive rights to purchase BankBoston's operations in
Chile Chile, officially the Republic of Chile, is a country in western South America. It is the southernmost country in the world and the closest to Antarctica, stretching along a narrow strip of land between the Andes, Andes Mountains and the Paci ...
and
Uruguay Uruguay, officially the Oriental Republic of Uruguay, is a country in South America. It shares borders with Argentina to its west and southwest and Brazil to its north and northeast, while bordering the Río de la Plata to the south and the A ...
. In late 2006, it exercised these rights, and in late 2006 and early 2007, it received the necessary regulatory approvals. These two operations became Banco Itaú Chile and Banco Itaú Uruguay. On November 2, 2008, Banco Itaú and the third largest Brazilian private banking group,
Unibanco Unibanco S.A. was a Brazilian bank which operated from 1924 to 2009, when it was merged into Banco Itaú. The name stood for ''União de Bancos Brasileiros'' ("Union of Brazilian Banks"). Foundation In 1924 João Moreira Salles established the ...
, announced their intention to merge. In late February 2009, the
Central Bank of Brazil The Central Bank of Brazil (, ) is Brazil's central bank, the bank is autonomous in exercising its functions, and its main objective is to achieve stability in the purchasing power of the national currency. It was established on Thursday, 31 Dece ...
approved the merger. In 2020, due to improper charges between 2008 and 2018, Itaú signed an agreement with the
Central Bank of Brazil The Central Bank of Brazil (, ) is Brazil's central bank, the bank is autonomous in exercising its functions, and its main objective is to achieve stability in the purchasing power of the national currency. It was established on Thursday, 31 Dece ...
committing itself to returning 75.6 million Reais to its customers.


Logo Evolution

Itaú 63.svg, 1966-1973 Itaú 73.svg, 1973-1980 Itaú 1980.svg, 1980-1992 Itaú 1992.svg, 1992-2003 Banco Itaú logo.svg, 2003-2008


References


External links


Banco Itaú Holding Financeira S.A.
International Website (in English) (in Spanish) (in Portuguese) {{DEFAULTSORT:Banco Itau Banks established in 1945 Itaú Unibanco Banks disestablished in 2008 Itau bpy:ইটাউ