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Finance / Brazil

Record Merger Will Stand Itau In Good Stead

November 2008 | Top Stories

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In a BRL389.1bn (US$17.7bn) move that will create the largest financial group in Latin America, Brazilian bank Itau confirmed on November 5 that it will acquire its smaller rival Unibanco. The new company, Unibanco Holding, will boast total assets of BRL575.1bn (US$265bn), easily surpassing the current number one Banco do Brasil and privately held Banco Bradesco. Under the terms of the deal Itau's holding company, Investimentos Itau, will hold 66% of Itau Unibanco Participacoes, which will in turn control Unibanco Holding.