Itau-Unibanco Merger Sparked by Santander Bid

Itau-Unibanco Merger Sparked by Santander Bid

People Corporate & Sovereign Strategy

Santander’s proposed acquisition of ABN AMRO’s Banco Real, initially announced last year, led Unibanco’s CEO Pedro Moreira Salles to sit down with Itau CEO Roberto Setubal to discuss the possibility of a merger. “For the first time we were faced with a foreign competitor that was bigger in scale and capital than Unibanco, and the same size as Itau,” says Salles, referring to Santander in an internal memo obtained by LatinFinance. The memo was sent yesterday to Unibanco employees. The talks began

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