Banco Itaú
From Wikipedia, the free encyclopedia
| Banco Itaú S.A. | |
|---|---|
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| Type | Public(NYSE: ITU) (BCBA: ITAU4) |
| Founded | 1945 |
| Headquarters | São Paulo, Brazil |
| Key people | Roberto Egydio Setubal (CEO) Olavo Setubal (Chairman) |
| Industry | Finance and Insurance |
| Products | Banking |
| Revenue | ▲$60.0 billion USD (2007) |
| Net income | R$ 5,251 billions |
| Employees | 50,000 |
| Parent | Banco Itaú Holding Financeira S.A. |
| Website | www.itau.com.br |
Banco Itaú it is a private-owned bank with its headquarters in São Paulo, Brazil. It is the second largest private bank in Brazil, after Bradesco. Itaú now accounts for about 11% of the Brazilian market for retail banking services. It is the most important affiliate of Investimentos Itaú (Itaúsa), a large conglomerate that ranks among Fortune magazine's top 500 corporations in the world.
[edit] History
Banco Itau began in 1945 under the name Banco Central de Crédito and later changed its name to Banco Federal de Crédito. In 1964, Itaú Holding merged Banco Federal de Crédito and Banco Itaú. Later that decade, Banco Itau acquired Banco Sul Americano (1966) and Banco da América (1969).
In the 1970s, it merged with Banco Aliança in Rio de Janeiro (1973), Banco Português do Brasil (1974), and Banco União Comercial (1974). At the end of the decade it opened its first branches abroad in New York and Buenos 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 contracting.
In the 1990s it acquired BFP - Banco Francês e Brasileiro (1995) from Credit Lyonnais, and several privatized former state banks:
- 1997 Banerj (Rio de Janeiro)
- 1998 BEMGE (Minas Gerais)
- 2000 Banestado (Paraná)
- 2001 BEG (Goiás)
During the 1990s, 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, Itaú Argentina and Itaú Bank (Cayman). In 1997 it acquired Bamerindus Luxembourg, which is now Banco Itaú Europa Luxembourg. When it acquired Banco Del Buen Ayre in Argentina in 1998, it subsequently incorporated it into Itaú Argentina, now known as Itaú Buen Ayre.
Banco Itaú has also established a number of alliances. In 1996, it and Bankers Trust, New York, created Itaú Bankers Trust Banco de Investimento, the present Itauvest Banco de Investimento. 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, it continued to acquire banks. In 2002 it acquired Banco Fiat, together with all of Fiat's auto financing activities. Then in April 2006, Itaú purchased the Brazilian operations of BankBoston, a subsidiary that Bank of America acquired with its purchase of FleetBoston. This will increase Itaú's clients by 300,000 and assets by R$22 billion. In return, Bank of America has taken about a 6% stake in Itaú. Banco Boston do Brazil had been founded in 1947. With the purchase, the BankBoston name will disappear from Brazil as Bank of America has retained the rights to the name.
Itaú also received exclusive rights to purchase BankBoston's operations in Chile and Uruguay. In late 2006 it exercised these rights and in late 2006 and early 2007 it received the necessary regulatory approvals. These two operations are now Itaú Chile and Itaú Uruguay.
[edit] References
[edit] External links
- Banco Itaú Brazilian Website
- Banco Itaú del Buen Ayre Argentine Website
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