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| Company type | Subsidiary |
|---|---|
| Industry | Finance and insurance |
| Founded | 1945 |
| Defunct | 2008 |
| Headquarters | São Paulo, São Paulo, Brazil |
Key people | Candido Botelho Bracher |
| Products | Banking |
| Revenue |  US$ 32.9 Billion (2007) |
| US$ 5.2 Billion (2007) | |
| Total assets | US$ 208.5 Billion (2007) |
Number of employees | 94,779 (2016) |
| Parent | Itaú Unibanco |
| Website | www |
Banco Itaú S.A. was a Brazilian bank that merged withUnibanco on November 4, 2008, to formBanco Itaú Unibanco.
Banco Itaú began in 1945 under the nameBanco Central de Crédito (Central Bank of Credit) and later changed its name toBanco 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 inItaú de Minas, inMinas Gerais state.[1] Later that decade, Banco Itaú acquired Banco Sul Americano (1966) andBanco da América (1969).
In the 1970s, it merged with Banco Aliança inRio de Janeiro (1973), Banco Português do Brasil (1974), and Banco União Comercial (1974). In 1979, it opened its first operations abroad with a representative office inNew York City and a subsidiary inBuenos Aires.
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) fromCredit Lyonnais, and also several privatized former state banks:
During the 1990s, Banco Itaú invested heavily in automation, includingATMs 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 ItaúEuropa, Banco Itaú Argentina, and Itaú Bank (Cayman). In 1997, it acquired BamerindusLuxembourg, which is now Banco Itaú Europa Luxembourg. When it acquiredBanco del Buen Ayre in Argentina in 1998, it subsequently incorporated it intoBanco Itaú Argentina, now known as BancoItaú Buen Ayre.
Banco Itaú has also established a number of alliances. In 1996, it andBankers Trust, New York, created Itaú Bankers Trust Banco de Investimento, the present Itauvest Banco de Investimento. Banco Itaú also has an important stake inBanco 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 ofFiat's auto financing activities. In 2004, it opened a branch inTokyo.
Then, in April 2006, Banco Itaú purchased the Brazilian operations ofBankBoston, a subsidiary thatBank of America acquired with its purchase ofFleetBoston. 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 inChile andUruguay. In late 2006, it exercised these rights, and in late 2006 and early 2007, it received the necessary regulatory approvals. These two operations became BancoItaú Chile and BancoItaú Uruguay.
On November 2, 2008, Banco Itaú and the third largest Brazilian private banking group,Unibanco, announced their intention tomerge.[2] In late February 2009, theCentral Bank of Brazil approved the merger.
In 2020, due to improper charges between 2008 and 2018, Itaú signed an agreement with theCentral Bank of Brazil committing itself to returning 75.6 million Reais to its customers.[3]
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