December 1, 2008
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 LatAms 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
Brazil’s banking hierarchy is upended by the Itaú-Unibanco merger and Banco do Brasil’s aggressive shopping spree. Underdog Bradesco evaluates its options.