Brazil Banks Bulk up

Brazil Banks Bulk up


by Dan Shirai The big secret shared by Roberto Setubal and Pedro Moreira Salles could not have been unveiled in a more elegant way. The CEOs and controlling family figureheads of Itaú and Unibanco, respectively, say they had been in talks for 15 months before anyone beyond an inner-most circle of advisers had an inkling about the union, announced on November 3. The up to 26 billion reais deal is set to create LatAm’s biggest bank by assets and the ninth largest in the Western hemisphere, according to Economatica.  Outsiders unequivocally applaud the decision, while stunned Unibanco and Itaú employees sought to take comfort in their newly earned status as members

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