Itau bank
The history of Itaú begins with the foundation of Banco Central de Crédito SA on December 30, 1943, by Alfredo Egydio de Souza Aranha. The bank was authorized by the Caixa de Mobilização e Fiscalizacao Bancária to carry out banking operations in 1944, with the issuance of the first patent letters. The first branch opened on January 2, 1945, located at the bank's headquarters. Also in the first year, two branches would be opened in the interior of the state of São Paulo, in the cities of Campinas and São João da Boa Vista. At the end of the decade, there were 11 branches (3 in the city of São Paulo and 8 in the interior). In 1951, an agency was opened in Santos, on the coast of São Paulo, an important step in acting on coffee exporting companies. Banco Central de Crédito was changed in 1952 to Banco Federal de Crédito, on the recommendation of the federal government, which would use the term Central Bank as the name of its main monetary authority.

In 1961, Banco Federal de Crédito bought Banco Paulista de Comércio SA It was the first in a series of acquisitions and incorporations that marked the 1960s and 1970s. In January 1962 a branch was opened in Rua do Ouvidor, Rio de January, the first outside the state of São Paulo. Also in that year, the first machines acquired by the bank began to be used in the accounting of current accounts and authentication of documents. Later, the first IBM computer was purchased, accelerating the development of processing systems. Banco Itaú SA itself was founded in 1944, in the city of Itaú de Minas, Minas Gerais, and would merge with Banco Federal de Crédito in 1964, originating Banco Federal Itaú SA. In 1966, Banco Federal Itaú became the first bank to launch an investment bank in Brazil, creating Banco Federal Itaú de Investimentos. The operation would attract the interest of Banco Sul Americano do Brasil SA, which in 1966 merged with Banco Federal Itaú, creating Banco Federal Itaú Sul Americano SA. In 1969, Itaú Sul Americano merged, this time with Banco da América SA, making Banco Itaú América SA the 7th largest at the time, with 274 branches. Seeking an expansion in the Northeast, in 1970 Banco Aliança SA was acquired, which had 15 of its 35 branches in the region.

In 1971, the first major advertising campaign was carried out, "Help Itaú to be the first". With the incorporation of Banco Português do Brasil, in 1973, Itaú América was the second largest bank in Brazil by volume of deposits and the first private bank in the number of branches, 468. Also in 1973, Banco Itaú América SA became just call Banco Itaú SA, and a logo identical to the current one was adopted, but in black and white (Itaú, in Tupi-Guarani, means dark stone). In 1974, Itaú incorporated Banco União Comercial SA, and now has 561 branches. To control the conglomerate, Itaúsa - Investimentos Itaú SA was created at the end of the year. In 1979, Itaú Tecnologia SA (Itautec) was created, which two years later would install the first Electronic Bank.

Itaú branch on Avenida Paulista, in São Paulo.

Itaú branch located in the neighborhood of Tijuca, in the city of Rio de Janeiro.
In 1980, the first branches outside Brazil were opened, in New York (United States) and Buenos Aires (Argentina). In 1989, Itaúsa founded Itaúsa Portugal, which in October 1994 opened Banco Itaú Europa SA Also in 1994, with the growth of Mercosur and the stabilization of the Argentine economy, Banco Itaú SA in Buenos Aires was renamed Banco Itaú Argentina SA In 1998, with the acquisition of Banco del Buen Ayre SA, Banco Itaú Buen Ayre was formed. In the privatization process of state banks, started in the late 1990s by the FHC government, Itaú buys Banco Banerj SA (June 1997), Bemge - Banco do Estado de Minas Gerais SA (1998), Banestado - Banco do Estado do Paraná SA (October 2000) and BEG - Banco do Estado de Goiás SA (2001).

In 2000, Itaú established a strategic alliance with América Online Latin America Inc. (AOLA) and América Online Brasil, holding 12% of AOLA's capital. The deal, however, would be undone a little more than 5 years later, with the closure of AOLA's operations. In 2002, Itaú acquired 95.75% of Banco BBA-Creditanstalt SA, creating Banco Itaú-BBA SA, the largest wholesale bank in the country. Later this year, Itaú entered into an alliance with Fiat Automóveis SA, buying 99.99% of Banco Fiat SA, the largest bank connected to automakers in the country. A corporate reorganization of the group would start in November 2002. Companies linked to the financial business would be under the control of Banco Itaú Holding Financeira SA, therefore Banco Itaú SA became a subsidiary of Banco Itaú Holding Financeira SA The corporate reorganization was approved by Central Bank of Brazil in 2003. Also in 2003, Itaú started to control the life insurance, private pension and fund management operations of AGF Brasil Seguros. Taií finance company was founded in 2004, offering credit services to the low-income population. Also in that year, the first Itaú branch in Japan, in Tokyo, is inaugurated. Also in 2004, Itaú and Companhia Brasileira de Distribuição (CBD) announced the creation of Financeira Itaú CBD SA Crédito, which will have the exclusive right to offer financial services to CBD customers. A similar agreement would be signed in 2005 with Lojas Americanas. In December 2006, Itaú acquired Santander Banespa in Japan and its more than 13,500 customers were able to carry out their transactions via the internet and use the same service channels, products and services offered by Itaú in Brazil, demonstrating that the bank he was interested in being present abroad as well.

Merger with Unibanco
See also: Unibanco

Unibanco branch in Belo Horizonte.

Facade of the Unibanco branch in Natal, Rio Grande do Norte.
On November 4, 2008, Banco Itaú and Unibanco announced the merger that gave rise to Banco Itaú Unibanco. The institution was born with R$ 575 billion in assets (compared to R$ 403.5 billion for Banco do Brasil and R$ 348.4 billion for Banco Bradesco), a net worth of around R$ 51.7 billion and a portfolio of combined credit of R$225.3 billion. The new bank had 4,800 branches and service points, representing 18% of the country's banking network, and 14.5 million account holders (18% of the market). In credit volume, it represented 19% of the Brazilian system and in total deposits, funds and managed portfolios, 21%. In the insurance and pension market, the new group had a participation of 17% and 24%, respectively. Wholesale operations (corporate) totaled more than R$65 billion, serving more than 2,000 economic groups in Brazil. The private banking business (large wealth management) has become the largest in Latin America, with approximately R$90 billion in assets under management. Credit card operations now include the companies Itaucard, Unicard and Hipercard. In the future (in 2013), Itaú Unibanco would also acquire the credit card issuer, Credicard.

The union between the two banks was approved by CADE on August 18, 2010.[17] The measure was well regarded by Henrique Meireles, president of the Central Bank of Brazil, who stated that the merger would contribute to strengthening the national financial system at a delicate moment in the international financial market.

With the merger, the Unibanco brand was gradually extinguished and the institution started to use only the Itaú brand in its branches. The integration was completed in October 2010 and cost over R$1 billion.

In October 2008, Itaú Unibanco signed a million-dollar contract with the Brazilian Football Confederation to sponsor the Brazilian Football Team until 2014, the year in which Brazil hosted the FIFA World Cup. Itaú Unibanco was also one of the sponsors of the event. On August 24, 2009, an association for the distribution of home and automobile insurance was announced with Porto Seguro, one of the largest and most important insurance companies in the country. The operation consisted of the transfer, by Itaú Unibanco, of all the assets and liabilities of its home and auto insurance portfolio to Porto Seguro.

In September 2013, Itaú Unibanco's assets totaled 1.011 trillion reais and, as a result, it is considered the second largest financial institution in Brazil in terms of assets, second only to Banco do Brasil. On February 4, 2014, it was announced that Itaú Unibanco had a profit of 15,696 billion reais in 2013, an increase of 15.5% compared to 2012, it was the largest profit in the history of Brazilian banks. The bank's total assets totaled 1,105 trillion, an increase of 8.99% over the same period last year. In August 2014, it acquired 100% of the Chilean asset manager Munita Cruzat & Claro with the purchase, the bank expanded its operations in Chile, in the private banking area. The acquisition price was not disclosed by Itaú Unibanco.

In 2017, Itaú dethroned Bank of America and recorded the highest revenue among investment banks in Latin America. On July 1, 2019, Mercado Livre, Visa and Itaú launched a credit card with no annual fee and with cashback. The feature allows customers to accumulate points and receive up to 10% of the money from their purchases.

Acquisitions

Unit of Citibank Brazil in Rio de Janeiro.
On May 9, 2013, Itaú closed the purchase of Credicard, the oldest and most well-known card issuer in the country, for almost three billion reais. On January 29, 2014, the merger of the operations of bank Itaú Chile with bank CorpBanca, also Chilean, was announced, giving rise to Itaú CorpBanca. Upon completion of the merger, Itaú moved from 7th to 4th place among the largest Chilean banks. The brand of the new institution is Itaú and control is in the hands of the Brazilian institution.

On October 21, 2015, Odebrecht TransPort, a subsidiary of the Odebrecht group in the area of ​​transport and logistics, signed a contract to sell its interest in ConectCar to Itaú Unibanco, for R$170 million. On December 31, 2015, Itaú Unibanco informed that it had entered into an agreement with Banco BTG Pactual for the purchase of BTG's 81.94% stake in the credit recovery company Recovery do Brasil Consultoria for R$640 million. On October 8, 2016, Itaú paid 710 million reais for Citibank's retail operation in Brazil.

On May 11, 2017, Itaú Unibanco announced through a material fact the purchase of a 49.9% interest in the capital stock of XP Investimentos, a brokerage firm born in Porto Alegre. The acquisition will be made through a capital contribution in the amount of R$600 million and the purchase of shares issued by XP held by the sellers in the amount of R$5.7 billion. In total, BRL 6.3 billion will be invested in the business. The completion of the transaction depends on the analysis of the Administrative Council for Economic Defense (Cade).

Services and segmentation

Itaú branch in Porto Alegre, Rio Grande do Sul.
Itaú Unibanco is the bank's most visible retail segment, offering checking account services, savings, overdrafts, personal and consumer loans, credit cards, home, life and accident insurance, car financing, plans pension plans, asset management and capitalization plans for individuals.

Facade of "Itaú Personnalité" in Belo Horizonte.
Itaú Personnalité is the division that offers specialized services to high-income clients – just below private banking. Itaú Personnalité's strategy consists of offering consulting services by managers who receive training to understand the specific needs of these clients and a large portfolio of exclusive products and services, made available through a network of exclusive branches located in the main Brazilian cities.

A segment inherited from Unibanco, it clashed with the Personalité strategy. Unibanco was considered more agile, as the Uniclass concept was for clients and not branches, that is, clients from a branch could be classified differently while at Itaú they could not.[36] In view of this, Itaú Personnalité, in July 2011, reformulated its strategy and raised the limit of target customers for people with income above R$10,000 per month (compared to R$7,000 previously, who clashed with the Uniclass) or with investments above R$100,000 (as opposed to R$60,000 previously, equally clashed with Uniclass). This strategy improves the clash with the Uniclass division mentioned in the retail banking activity, without, however, solving the customer problem in a separate branch.

Special service for small companies (annual turnover between R$500,000 and R$10 million) and micro-enterprises (up to R$500,000). It is used by around 115 thousand of the bank's 637,000 small and micro-enterprise clients (the rest use standard services). At the end of 2005, UPJ had 188 exclusive service units at Itaú branches.

In 2016, Itaú launched the Itaú Abreconta application In May 2019, Itaú launched the Iti mobile payments platform. Services can be performed in stores or between users instantly, 24 hours a day, using QR Codes. It is not necessary to have a checking account and bank card to use the channel. The platform is in the test phase, offers transfer, payment and also undergoes acceptance of machines from the acquiring network.

Institutional
Itaú Private Bank
Specialized in financial consultancy for individuals with large assets. Today, Itaú Private Bank is the largest in its segment in the country and in Latin America.

thai
Founded in 2004, it offered credit and financing services. It had its own network of about 135 branches in 21 states and the Federal District, in addition to more than 200 points of sale within the supermarkets of Companhia Brasileira de Distribuição (Pão de Açúcar, Extra, Extra Eletro, CompreBem and Sendas) and 200 others points of sale in Lojas Americanas. Controlled by Itaucred. With the acquisition of Unibanco, which owned Fininvest, there was a conflict between companies that resulted, curiously, in the closure of the Taií brand.

Itaú BBA
Itaú BBA is responsible for banking services activities for large companies and investment banking. Itaú BBA offers a complete portfolio of products and services through a team of highly qualified professionals. Currently, Itaú BBA serves around 2,400 companies and conglomerates. Itaú BBA's activities range from typical commercial banking operations to operations in the capital markets and advisory services in mergers and acquisitions. These activities are fully integrated, which allows Itaú BBA to adapt its performance to the needs of its clients.

Intrag DTVM
Intrag DTVM is a company of the Itaú Unibanco SA group focused on providing Fiduciary Administration services for investment funds to independent managers, private banks, family offices, institutional clients and large investors. Intrag's product portfolio includes management of the most varied structures and types of funds, from those regulated by CVM Instruction 555 to FIDCs, FIPs, FMIEEs, ETFs and FIIs.

Itaú Social Security Solutions
Itaú Soluções Previdenciárias is a company of the Itaú-Unibanco group responsible for managing pension funds through outsourcing with closed pension fund foundations, pension fund management software rental, in addition to acting as a technology company, offering developments of new software, customizations and schedule IT.

Payment totems
To avoid the number of queues at branches and ATMs, Itaú Unibanco created a digital totem for paying bills. In December 2017, the bank installed 10 totems at bank branches in the city of São Paulo, in a pilot project. Subsequently, the project will be expanded to Itaú correspondents and partner establishments, such as supermarkets and convenience stores.

Kinea Investments
Investment company specializing in Hedge Funds, Private Equity and Real Estate,[45][46] founded in 2007 after an association with financial market professionals. In November 2010, it purchased a stake in the education company Multi for R$200 million.

In April 2013, it purchased 20% of Grupo ABC in a deal valued at R$170 million. In May 2013 it invested R$70 million in the Delfin Group, which is one in the health sector. In March 2014, it acquired 25% of Lojas Avenida, a clothing retailer in the state of Mato Grosso, the value of the operation was 250 million reais.

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SOURCE: WIKIPEDIA

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