Itaú Unibanco, one of Latin America’s biggest financial conglomerates, is merging its insurance unit with Porto Seguro in a deal valued at 1.7 billion reais (or US$ 930 million), as – according to an article posted today in The New York Times’ blog - the country’s financial sector continues to consolidate. Itau Unibanco, itself the product of [...]
Posts Tagged ‘Itau’
New massive banking merger in Brazil, this time on state-controlled banks
As mentioned in this blog on November, 10th, Brazil’s banking system is bracing itself for a wave of consolidation. The last announcement came yesterday as Banco do Brasil, the country’s top state-controlled bank announced it will spend US$2.3 billion to buy a 71.3 percent share in Banco Nossa Caixa SA, owned by the Sao Paulo [...]
Banks in Brazil: prepare for a wave of consolidation
Still about the banking situation in Brazil, news come out everyday about new joint-ventures including heavy weights on the public sector – ie. Nossa Caixa and Banco do Brasil. The Financial Times gave a note about the consolidation process running at full throttle in the country. Brazil’s banks are preparing for a wave of consolidation [...]
Brazilian merger creates largest bank in South America
Here’s a quick news round up, about the largest merger in the Brazilian banking history. Itau and Unibanco have announced a joint-venture yesterday creating the largest bank in Latin America – arguably the first major banking player in Latin America – combining about $260 billion in assets. The new Itau-Unibanco has also already announced investments [...]
Brazil’s top banks report large profits
Fresh news from Reuters reveal that the Brazilian banks are in extremely good shape, thank you very much… Brazil’s two largest private-sector banks reported strong third-quarter earnings on Monday and said they would continue to take advantage of the current market turmoil to snap up loan portfolios from smaller rivals in distress. Banco Bradesco (BBDC4.SA: [...]