August 2, 2018 |
Itaú Unibanco became Brazil’s largest commercial bank in November 2008 when two former rivals — Banco Itaú and Unibanco — came together to form a financial institution with more than $260 billion in total assets. Since then, the São Paulo-based lender has held on to its position in its home market, amassing 1.5 trillion reais ($390 billion) in assets in Brazil by the end of March 2018.
The bank has not sat still in the rest of Latin America. After setting up shop in Argentina in the 1990s, Itaú expanded its presence across the region by buying the BankBoston brand in Brazil, Chile and Argentina in 2006. It also acquired Citi’s retail banking business in Uruguay in 2013 and bought CorpBanca
As it builds its businesses outside Brazil, Itaú is counting on digital
banking and other initiatives to become a major presence in Latin America