ITUB4

Itaú Unibanco Holding S.A. is a Brazilian private financial conglomerate, founded in 1943 and headquartered in the city of São Paulo. Its common and preferred shares, traded on B3 under the tickers ITUB3 and ITUB4, represent the largest private bank in Latin America in terms of size and systemic relevance. The formation of the current group results from the trajectory of two institutions: Itaú, founded in São Paulo in the 1940s, and Unibanco, whose origins date back to 1924 at Casa Moreira Salles, in Minas Gerais. The merger announced in 2008 between Itaú and Unibanco consolidated the conglomerate as the largest private financial group in the Southern Hemisphere, in a context of international financial crisis, and since then the institution has been expanding its presence across different segments of financial services in Brazil and abroad.

Throughout its history, Itaú Unibanco has built a universal banking business model, with integrated operations in traditional banking activities, payment methods, insurance, pension plans, investments and capital markets services. The company conducts banking activities in all modalities authorized by the Brazilian Central Bank, including credit and foreign exchange operations, as well as issuing and managing credit cards and establishing and managing payment arrangements. The holding company also holds stakes in financial institutions in Brazil and other countries, as well as in companies linked to the insurance and capital markets, which reinforces its position as a diversified financial conglomerate with different sources of revenue and complementary business lines.

Itaú Unibanco’s operating structure is organized into three major business segments: Retail Banking, Wholesale Banking, and Market and Corporation Activities. Retail is the main generator of net operating income, accounting for around 60% of revenues in 2024, serving individuals across different income brackets and micro and small businesses throughout Brazil. This segment includes checking and digital accounts, personal loans, mortgage loans, payroll-deductible loans, auto financing, credit cards, acquiring, investments, insurance, pension plans and capitalization products, as well as transactional banking services. The division is segmented into Itaú Varejo, Itaú Uniclass and Itaú Personnalité, according to the client’s income and wealth, and also includes the Itaú Empresas vertical focused on small and medium-sized enterprises, a market in which the bank states it serves more than 1.5 million clients.

In Wholesale Banking, Itaú Unibanco concentrates relationships with medium and large companies, high-net-worth clients (private banking), Latin American units and Itaú BBA, the group’s investment banking arm. This front offers corporate credit, treasury products, capital markets deal structuring, M&A advisory, foreign trade operations, and sophisticated financial solutions in debt and equity. Itaú BBA is among the leading investment banks in Brazil, with leadership in origination and distribution of debt transactions and a prominent position in equity deals and M&A advisory. The asset management area, through Itaú Asset Management, is also relevant in this ecosystem, being one of the largest private asset managers in the country in assets under management, which strengthens the conglomerate’s presence in investment services and third-party asset management.

Itaú Unibanco maintains a significant presence in several Brazilian financial markets, competing with large public and private banks, as well as with the advance of fintechs and new digital entrants. In consumer credit, the bank held, on December 31, 2024, approximately 11.2% market share, positioning itself as the largest private bank in the segment, according to Central Bank data. In residential mortgage loans for individuals, it reached a 22.1% share in 2024, placing it among the largest originators of this type of financing in the country. In credit cards, Itaú appears as the leader in purchase volume, with about 25.4% market share in the fourth quarter of 2024, and also stands out in acquiring, ranking among the largest companies by volume processed on credit and debit cards, in an environment of strong competition with traditional acquirers and payment fintechs.

Itaú Unibanco’s geographic footprint combines an extensive branch network and digital structures in Brazil with international operations in several jurisdictions. The group has branches, subsidiaries and controlled entities in countries in the Americas, Europe and Asia, including the Bahamas, Cayman Islands, Colombia, Chile, Uruguay, Paraguay, Panama, the United States, the United Kingdom, Portugal and Switzerland. In South America, Itaú Chile (Itaú CorpBanca) is among the largest private banks in the country in terms of loan portfolio, while in Paraguay and Uruguay the group also occupies relevant positions in the local financial systems. This global presence is used to support foreign trade operations, offer international financing solutions, structure Eurobond issuances and provide more complex financial products for large corporate and high-net-worth clients.

Itaú Unibanco’s activities are heavily conditioned by government regulation and the supervision of multiple authorities. In Brazil, the conglomerate is regulated mainly by the National Monetary Council and the Brazilian Central Bank, which establish capital requirements, operating limits, prudential governance rules, leverage, risk concentration and standards for disclosure of financial information. The institution is also subject to supervision by the Brazilian Securities and Exchange Commission (CVM) because its shares are traded on B3 and due to its extensive activities in the capital markets, and it must also comply with rules from self-regulatory entities such as ANBIMA, ABECS, FEBRABAN and B3 itself. The group’s insurance, open pension and capitalization operations are regulated by bodies such as CNSP and SUSEP, and its international businesses are further subject to the regulations of local central banks and monetary authorities in each country where the group operates.

In the environmental, social and governance fields, Itaú Unibanco structures social and cultural impact initiatives through entities such as Fundação Itaú and Instituto Unibanco, focusing on education, culture, sports and urban mobility. The company also created, in 2020, the Todos pela Saúde program in response to the COVID-19 pandemic, with the aim of supporting emergency actions in public health, standing out for the magnitude of the philanthropic donation announced. In governance, the bank operates as a publicly held company with dispersed ownership, is included in market indices focused on governance and sustainability, and adopts practices aligned with national and international regulatory requirements for large financial institutions, combining risk management, internal controls and compliance policies in the conduct of its operations.

As a result of this combination of century-long history, broad portfolio of products and services, strong presence in retail and wholesale, international operations and intensive regulation, Itaú Unibanco has consolidated itself as one of the main private financial conglomerates in Brazil, with its ITUB3 and ITUB4 shares representing a significant portion of the universe of financial companies listed on B3. Revenue diversification across segments such as lending, cards, acquiring, investments, insurance, pension plans, custody services, brokerage and corporate solutions reflects the institution’s positioning as a universal bank focused on financial intermediation and the provision of differentiated services to a broad and segmented base of individual and corporate clients.