ITUB4 Itaú Unibanco

Itaú Unibanco Holding S.A. is a private Brazilian 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 stems 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 the context of the global financial crisis, and since then the institution has been expanding its presence across different financial services segments in Brazil and abroad.

Over the course of 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 carries out banking activities in all modalities authorized by the Central Bank of Brazil, including credit and foreign exchange operations, as well as the issuance and management of credit cards and the establishment and management of payment schemes. The holding company also holds equity interests in financial institutions in Brazil and other countries, as well as in companies connected to the insurance and capital markets, which reinforces its role as a diversified financial conglomerate, with multiple revenue sources 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 companies throughout Brazil. This segment includes current and digital accounts, personal loans, mortgage loans, payroll-deductible loans, vehicle financing, credit cards, acquiring, investments, insurance, pension plans and capitalization products, in addition to transactional banking services. The division is segmented into Itaú Varejo, Itaú Uniclass and Itaú Personnalité, according to client 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 lending, treasury products, structuring of capital markets transactions, mergers and acquisitions services, foreign trade operations and sophisticated financial solutions in debt and equity. Itaú BBA ranks among the leading investment banks in Brazil, with a leadership position in the origination and distribution of debt transactions and a prominent role 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 terms of assets under management, which reinforces 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 lending, as of December 31, 2024, the bank held approximately 11.2% market share, positioning itself as the largest private bank in the segment, according to Central Bank data. In 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 ranks 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 transaction volume with credit and debit cards, in a highly competitive environment with traditional acquirers and payment fintechs.

Itaú Unibanco’s geographic footprint combines a broad network of branches and digital structures in Brazil with international operations in various 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 holds relevant positions in the local financial systems. This global presence is used to support foreign trade operations, offer international financing solutions, structure Eurobond issues and provide more complex financial products to 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 primarily regulated by the National Monetary Council (Conselho Monetário Nacional) and the Central Bank of Brazil, which set capital requirements, operational limits, prudential governance rules, leverage, risk concentration and standards for financial disclosure. The institution is also subject to oversight by the Brazilian Securities Commission (CVM) because its shares are traded on B3 and it is highly active in the capital markets, in addition to complying with the rules of 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 additionally subject to the regulations of central banks and local monetary authorities in each country where the group operates.

In the environmental, social and governance field, 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 share 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 a long history, a broad portfolio of products and services, a strong presence in both retail and wholesale banking, international operations and intense regulation, Itaú Unibanco has consolidated itself as one of the main private financial conglomerates in Brazil, with its ITUB3 and ITUB4 shares making up a relevant portion of the universe of financial companies listed on B3. The diversification of revenues 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 on offering differentiated services to a broad and segmented base of individual and corporate clients.