Itaú Unibanco Holding S.A. provides a diversified range of banking and nonbanking financial services and products to a diverse client base that includes individuals and corporate clients.
Segments
The company operates through three segments: Retail Business, Wholesale Business, and Activities with the Market and Corporations.
The Retail Business segment comprises retail customers, account holders and non-account holders, individuals and legal entities, high income clients (Itaú Uniclass and P...
Itaú Unibanco Holding S.A. provides a diversified range of banking and nonbanking financial services and products to a diverse client base that includes individuals and corporate clients.
Segments
The company operates through three segments: Retail Business, Wholesale Business, and Activities with the Market and Corporations.
The Retail Business segment comprises retail customers, account holders and non-account holders, individuals and legal entities, high income clients (Itaú Uniclass and Personnalite) and the company’s segment (microenterprises and small companies). It includes financing and credit offers made outside the branch network, in addition to credit cards and payroll loans.
The Wholesale Business segment comprises products and services offered to middle-market companies, high net worth institutional clients (Private Banking), and the operation of Latin American units and Itaú BBA, which is the unit responsible for business with large companies and Investment Banking operations.
The Activities with the Market and Corporations Business segment corresponds to the result arising from capital surplus, subordinated debt surplus and the net balance of tax credits and debits. It also includes the financial margin on market trading, Treasury, operating costs, and equity in earnings of companies not included in either of the other segments.
Moreover, the company carries out a wide range of operations outside of Brazil, with units strategically located in the Americas, Europe, and Asia. The company's international presence generates synergies in foreign trade finance, placement of Eurobonds, and offering of more sophisticated financial transactions to its clients.
Retail Business
The Retail Business division represents a cornerstone of the company's business, providing a specialized service framework to consumer clients across Brazil, including current accounts and non-current accounts. The company boasts a comprehensive and varied array of products and services designed to meet its clients’ diverse needs, encompassing personal loans, mortgage loans, payroll loans, credit cards, acquiring services, vehicle financing, investment, insurance, pension plans, premium bond products, and a suite of additional banking services.
The Retail Business is divided into two business units: one that encompasses a suite of services tailored for individual clients, and another that specializes in meeting the diverse needs of small and medium enterprises. Both offer various banking products that match the needs of each of the company’s clients.
Retail Business for Individual Clients
Based on the customer profile, the company has strategically divided its Retail Business for Individual Clients into three segments, so it can better understand its clients and help them with their financial needs. Those segments are: Retail, which serves mass clients, Uniclass, for mass-affluent customers, and Personnalite, the company's segment for affluent customers.
Itaú Retail Business and Itaú Uniclass (banking services and products for mass clients and mass-affluent clients)
The Itaú Retail Business segment serves individuals with monthly income of up to R$4,000 and the Itaú Uniclass segment is focused on clients with monthly income between R$4,000 and R$15,000.
The Itaú Retail Business segment offers complete financial services, with accessible solutions to meet clients’ daily financial needs.
The main services include current and digital accounts, credit and debit cards, personal loans, vehicle financing and real estate loans, payroll loans, consortium, insurance, premium bonds, in addition to investments that are compatible with different profiles. Clients also have access to Itaú Shop, which allows them to shop with exclusive advantages, and to different service channels, such as the Itaú app, which provides intuitive services and agile banking services.
Itaú Uniclass’ clients are provided with a set of specialized services, including investment and insurance advisory services, access to customized credit solutions with higher credit facilities, and benefit from the Minhas Vantagens (My Advantages) relationship program and from the expertise of dedicated relationship managers certified by the Brazilian Financial and Capital Markets Association (Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais) (ANBIMA). Additionally, Itaú Uniclass provides a digital branch platform, where relationship managers provide remote services through several communication channels (telephone, email, SMS, videoconference, chat and WhatsApp).
The company's focus is to improve the customer experience and keep the value proposition of its business updated according to its clients' needs. It has to foster its Phygital approach, which means the ability to serve its clients as they like, using their preferred channel, and its Omnichannel approach, which translates into a higher integration level among its channels, enabling it to offer better services and products to its clients.
Itaú Personnalite: Premier Banking Services for Affluent Clients
Itaú Personnalite is dedicated to serving clients with a monthly income above R$15,000 or investments exceeding R$250,000. These clients benefit from a wide range of exclusive and personalized services.
The company's clients receive dedicated attention from highly trained relationship managers, who hold market-recognized certifications. With support from branches across all Brazilian capitals and major cities, as well as digital branches for remote service, the company offers a comprehensive portfolio that includes investment, insurance, foreign exchange, and credit advisory services.
In 2024, the company embarked on a transformative journey to reposition its high-income segment, driven by an ongoing digital transformation. The company's key focus areas included: strengthening client relationships through the Minhas Vantagens (My Advantages) program, which rewards clients with exclusive benefits; launching the new The One credit card, offering premium perks; establishing seven Investment Centers — exclusive locations offering tailored advisory services and promoting financial education, lifestyle, and health-related events; enhancing the digital experience for clients when making investments, purchasing products, and conducting banking transactions or consultations via its app; forming a partnership with Avenue to provide international banking and investment accounts; and expanding travel-related benefits and experiences.
Market Share Retail Business
This segment’s main competitors are Caixa Econômica Federal, Banco do Brasil, Banco Bradesco and Banco Santander (Brasil).
Itaú Empresas (Small and Medium Enterprises)
The company operates in the Small and Medium Enterprises market, primarily focusing on small and medium-sized clients, serving over 1.5 million customers.
The company offers different service models tailored to various client profiles, ranging from fully digital models to highly specialized models with human advisory services.
Products and Services
The company’s main products and services to the Retail Business segment are: credit cards, personal credit, payroll deducted loans, mortgage, merchant acquisition, private pension plans, vehicle financing, insurance, premium bonds, consortium products, microcredit, and public sector group.
Credit Cards
The company is the leader in the Brazilian credit card segment, with a market share in terms of purchase volume of 25.4% in the fourth quarter of 2024, according to the Brazilian Association of Credit Card and Services Companies (Associação Brasileira das Empresas de Cartões de Credito e Serviços) (ABECS). Revenues from the company's credit card operations are mostly generated through the interest rate it charges on revolving and financing transactions, and also from annual fees and other service fees.
The relationship with the company's clients is carried out through its proprietary segments and partnerships with major retailers, tech companies, and airlines established in Brazil. The company's credit card operations are divided into three main business segmentations: Account Holders, Non-Account Holders, and Retail Partnerships. It offers a range of credit and debit cards to account and non-account holders. The company's purpose is to provide the best experience to its customers, and customer satisfaction is one of its top priorities.
The company's credit card division is dedicated to developing the best payment solutions for its customers with new products and digital services. In 2024, the company developed and delivered new features of financing, products, and limits while managing the profitability and credit quality of its portfolio.
Account Holder Credit Cards
The Account Holders segment of the company’s credit card operations (which relates to cardholders who have accounts at Itaú) was the focus of its portfolio growth. The company grew 14% of the purchase volume in 2024.
Non-Account Holder Credit Cards
In the Non-Account Holders segment, the company focused on increasing the participation of higher-income and lower-risk clients in its credit card portfolio.
Airline Cobranded Credit Card
In the company’s airline cobranded cards segment, the purchase volume increased by 40.5% in 2024. In this specific portfolio, the purchase volume among its higher-income clients (holders of Platinum, Black and Infinite credit cards) increased by 49% during the same period.
Retail Partnerships Credit Cards
The company has partnerships with the main national retail brands, such as Magazine Luiza, Ponto Frio, Pão de Açúcar and Assaí.
To add value to the ecosystem of retailers, the company leverages the offer of the Mastercard Black Pão de Açúcar, a premium credit card that offers cashback to be used at points of sale of Pão de Açúcar, a Brazilian supermarket chain. The company also focuses on improving its customers’ access to financial products with the launch of new solutions and services in Assaí stores, a self-service wholesale enterprise.
In the company’s partnership with Magazine Luiza, the company is focused on increasing the participation of lower-risk clients in its credit card portfolio.
Total Credit Card Market Share
The company is the leader in terms of transaction purchase volume of cards in Brazil. The company's traditional competitors in the credit card segment are Banco Bradesco, Banco Santander (Brasil), Banco do Brasil, and Caixa EconÔmica Federal. However, in recent years, an increasing number of small and new digital competitors have entered this market, among which are Nubank, Banco Inter, and Banco Original.
Personal Credit
Personal credit is a product that mainly consists of overdraft and installment payment plans. The overdraft, or account limit, is a credit that is available in the checking account for unexpected expenses and for a short period. According to regulations, the maximum interest rate is 8% per month, and the company notifies the customer each time the limit is reached.
Payroll Loans
In Brazil, payroll loans are a specific type of loan entered into by employees who receive wages from private and public companies or pensioners benefiting from the Brazilian social security system, as borrowers, and banks, as lenders. Such loans require fixed monthly installments to be deducted directly from the borrower’s payroll or pension, as the case may be, for the repayment of the amount owed to the lender.
The company mainly offers payroll loans in Brazil through two sales channels: its branch network and digital channels, which focus on account holders, and the network of acquisition partners, which focuses on non-account holders. This strategy enables the company to expand its business activities with historically lower credit risk and achieve a competitive position in the offer, distribution, and sale of payroll-deducted loans in Brazil. Moreover, it improves the risk profile of the company's loan portfolio for individual borrowers.
Mortgage Loans
Real estate financing products, such as mortgage loans, allow the company to create long-lasting relationships with its clients. Revenue from the company's mortgage loan operations is mostly generated by origination fees, yield spread premiums, discount points, closing costs, mortgage-backed securities, and loan servicing. The company has been the market leader among Brazilian private banks in mortgage loans to individuals in terms of the total value of its portfolio for the past three years.
The company offers mortgage products through the following sales channels: its branch network and digital channels, construction and development companies that are authorized to offer its products, mortgage agencies, and strategic partnerships with specialized mortgage companies, such as CrediPronto, Loft, Quinto Andar, Credimorar, and others. The company's real estate financing services are tailored to its clients’ needs, and it also provides a specialized mortgage financing advisor to support them during the process.
Merchant Acquirer
The company, through its subsidiary, Redecard Instituição de Pagamento S.A. (Redecard), also acts in the merchant acquiring business. Redecard is one of the leading companies in the electronic payment solutions industry in Brazil. It is a multi-brand merchant acquirer of credit, debit, and benefit cards. Redecard’s activities include merchant acquiring, capturing, transmission, processing and settlement of credit and debit card transactions, prepayment of receivables to merchants (resulting from credit card transactions), rental of point-of-sale terminals, e-commerce solutions, e-wallet and check verification through points of sale terminals. Revenue from its merchant acquirer operations mostly consists of merchant discount rates charged to merchants based on the value of the transactions processed and costs related to these activities, such as equipment maintenance, processing handling, among others.
In 2024, the company processed credit and debit card transactions. The company is one of the leading companies in the Brazilian market in volume of credit and debit cards transacted.
In the twelve-month period ended December 31, 2024, the company was the first largest player in the merchant acquisition business in Brazil in terms of total credit and debit card transactions volume generated by the acquiring services, representing a market share of 22.3%. The company’s traditional competitors in this business are Cielo and GetNet. Among non-traditional players, the company highlights PagSeguro and Stone.
Private Pension Plans
The company offers private pension plans to its clients for wealth and inheritance planning purposes. These plans are also beneficial to the company's clients for income tax purposes as these products are tax-deferred. The company provides its clients with a solution to ensure the maintenance of their quality of life through long-term investments, as a supplement to government general social security system plans. Revenue from the company’s private pension plans operations is mostly generated by management fees.
Product innovation has been important for the sustainable growth of the company's private sector pension operations. For instance, the company offers specialized advice and develops customized solutions to its corporate clients and establishes long-term partnerships with them, as well as a close relationship with their human resources departments. The company also adopts an internal communication strategy focused on its employees' financial education.
The company's main competitors in private pension plan products are controlled by large commercial banks, such as Banco Bradesco and Banco do Brasil, which, like the company, take advantage of their branch network to gain access to the retail market.
Vehicle Financing
The company offers its customers, who are individuals and car dealers, different products through sales channels in vehicle financing. Revenue from the company's vehicle financing operations is mostly generated by interest rates from consumer credit arrangements.
The company provides 100% digital vehicle financing through Credline, which is a tool that retailers use to submit proposals to Itaú Unibanco, protected by facial biometric assessment and electronic signatures. This enables customers to easily submit paperwork for vehicle financing and to pay interest on financing agreements in less than one minute in almost 63% of the cases.
The company’s main bank competitors in this business are Banco Santander (Brasil), Banco BV and Banco Bradesco.
Insurance
The company provides a wide range of insurance products, including life and personal accident insurance, property insurance, credit life insurance, and travel insurance through its subsidiaries Itaú Seguros S.A., Itaú Vida e Previdência S.A., and Itaú Corretora de Seguros S.A. (Itaú Corretora de Seguros). In addition, its subsidiary Itauseg Saúde S.A. offered a health insurance plan that is no longer available to its customers. The company also has a 30% stake in Porto Seguro S.A., one of the largest insurance companies in Brazil. Revenue from the company's insurance operations is mostly generated by premiums paid by customers, commissions received for distributing insurance from partner insurers, and financial income.
The company's insurance products are offered in synergy with the Retail Business and the Wholesale Business segments.
The company has been improving its insurance products in terms of coverage and assistance. As a result, it sells its insurance products through its own physical and digital distribution channels, and it also acts as insurance brokers, providing third-party insurance policies to its clients through a platform where customers have the possibility to contract the insurance that best suits them, either from Itaú Unibanco or from a partner insurance company.
The company’s main competitors are controlled by or have partnerships with large commercial banks, such as Banco Bradesco, Banco Santander (Brasil) and Banco do Brasil which, like it, take advantage of their branch network to gain access to the clients.
Premium Bonds (títulos de capitalização, or capitalization plans)
Premium bonds, or capitalization plans, are products that generally require a client to make a one-time deposit or monthly fixed deposits that will be returned at the end of a designated term, with accrued interest. Ownership of premium bonds automatically qualifies a customer to participate in periodic drawings, each time with the opportunity to win a significant cash prize. Revenue from its premium bonds operations is mostly generated by customer deposits less provisions made, and financial income.
The company, through its subsidiary, Cia. Itaú de Capitalização S.A., markets its premium bonds products portfolio through its branch network, digital channels, and ATMs.
The company’s main competitors in premium bonds are controlled by or have partnerships with large commercial banks, such as Banco Bradesco, Banco do Brasil and Banco Santander (Brasil).
Consórcio Products
Consórcio is a collaborative finance product, where a group of individuals or/and legal entities participate in a group, formed with the purpose of allowing the members of the group to, on equal terms, acquire certain assets, such as vehicles, properties, or services through self-financing.
The company’s main competitors from the financial services under in the Brazilian Consórcios market are Bradesco Consórcios and BB Consórcios.
Microcredit
The company offers a line of credit for individual entrepreneurs and self- employed people who want to expand and leverage their businesses. Credit is granted by specialists, who are constantly in touch with customers to evaluate their financial situation and understand their needs.
The company’s customers are able to pay and manage their loan agreements using its mobile app, where they also have access to other financial products, such as payments, wires and credit cards.
The company is a member of the National Guided and Productive Microcredit Program, or PNMPO, a program created by the Brazilian Government to support and finance productive activities of entrepreneurs, such as beauty services, clothing stores and restaurants.
Public Sector
The company’s Public Sector banking segment is dedicated to serving the Brazilian federal, state and municipal government, as well as selected state-owned companies. It provides a full array of financial services to government related entities, including tax collection and public utilities billing. The clients are served from regional offices across Brazil with a team of professionals proficient in the specifics of government banking.
This segment provides a comprehensive portfolio which includes payroll services, asset management products, foreign exchange, payment solutions and selected credit products to provide a full-service banking experience to the company’s clientele.
Wholesale Business
The company’s Wholesale Business segment offers a wide range of products and services to middle-market, agribusiness, large and ultra-large companies, which are companies with annual revenues equal or greater than R$50 million through the following divisions: investment banking, through Itaú BBA, asset management, mostly through Itaú Asset Management, investment services, private banking, through Itaú Private Bank, and securities brokerage services through Itaú Corretora de Valores S.A.
The company’s Wholesale Business segment offers a wide range of products and services to the largest economic groups of Brazil. The company’s activities in this business segment range from typical operations of a commercial bank to capital markets operations and advisory services for mergers and acquisitions.
The company’s Wholesale Business segment accounted for34% of its revenue for the year ended December 31 2024, respectively. Revenue from its Wholesale Business segment is mostly generated by banking services and bank charges, such as credit financing, cash management, investment banking, foreign exchange and derivatives.
One of the main strategies of the company’s Wholesale Business segment is to improve efficiency in its operations and increasing its revenues.
Investment Banking
The company’s investment banking business is carried out by its subsidiary Itaú BBA and assists companies to raise capital through fixed income and equity instruments and provides advisory services in mergers and acquisitions operations. Through a highly qualified team it supports most of the largest companies in Brazil, and its Investment Banking team is also present in Latin America and in the Northern Hemisphere, providing support and advisory services to many conglomerates worldwide.
In the investment banking division, Itau BBA’s main competitors include Santander, Credit Suisse (Brazil) S.A., Merrill Lynch S.A. (Brazil), Morgan Stanley S.A. (Brazil), JP Morgan S.A. (Brazil), Bradesco BBI and BTG Pactual S.A.
Asset Management
The company offers asset management services through its subsidiary Itaú Asset Management, which has more than 60 years of experience in investment management, and through Kinea Investimentos Ltda., Kinea, an alternative investments management company controlled by the company. Revenue from its asset management operations is mostly generated by administration fees and performance fees of its products.
The company’s main competitors are Banco do Brasil, Bradesco, BTG Pactual, and Santander.
Investment Services
In the company's investment services division, it provides custody and fiduciary services for investment funds, custody and representation services for non-resident investors, and corporate solutions where it acts as transfer agent and stockholder servicer for Brazilian companies issuing equity, corporate bonds, promissory notes, and bank credit notes in the Brazilian market. The company also works as a guarantor on project financings and as an agent on escrow accounts and financing agreements. Revenue from the company's investment services division is mostly generated by basis points fees on its assets under service and banking fees on corporate solutions.
The company provides the technological tools for each service on a daily basis and relies on compliance and contingency procedures to ensure a safe and reliable service to its clients, allowing them to focus on their business management. Nevertheless, the company continues to improve its technological platform and tools regarding securities services and invests in new solutions for its clients.
The company’s primary clients in its investment services division are pension funds, insurance companies, asset managers, international global custodians and equity and debt issuers, representing over 1,000 corporate groups.
Itaú Private Bank
Itaú Private Bank offers customized banking, investment and wealth management services and products to high-net-worth individuals and companies. With a full global wealth management platform, the company is one of leaders in the private bank market in Brazil and one of the main private bank players in Latin America. The company’s multidisciplinary team, which is supported by a team of investment advisors and product experts, provides comprehensive financial services to clients, understanding and addressing their needs from its twelve offices in Brazil and in its international offices located in the United States of America, Portugal, Switzerland, and the Bahamas. Revenue from the company’s private banking operations is mostly generated by fund management fees, pension funds, performance fees, exchange operations and brokerage.
The company’s main competitors are Bradesco, Santander and BTG, for the Brazilian market, and UBS, JP Morgan and Citibank, for the offshore market.
Itaú Corretora de Valores (Securities Brokerage)
Itaú Corretora de Valores S.A. (Itaú Corretora de Valores) has been providing securities brokerage services since 1965. The company provides retail brokerage services in Brazil to over 531,000 clients with positions in the equity and fixed income markets. The brokerage services are also provided to international clients through Avenue, its digital securities brokerage based in the U.S.
The company’s main competitors in this division are XP Investimentos, Ágora Corretora de Títulos e Valores Mobiliários S.A., Rico Corretora de Títulos e Valores Mobiliários S.A., Nu Invest Título Corretora de Valores S.A., BTG Pactual Corretora de Títulos e Valores Mobiliários S.A., Santander Corretora de Câmbio e Valores Mobiliários S.A. and Safra Corretora de Títulos e Valores Mobiliários S.A.
International Operations
The company consolidated its presence in Chile, Paraguay, and Uruguay. In these countries, it operates in the retail, small and middle-market companies, corporate, and treasury segments, with commercial banking as its main focus. As a result of the merger between Banco Itaú Chile and CorpBanca, which reinforced the company's presence in Colombia and Panama, it expanded its operations in the region even further. In Mexico, the company is present through an office dedicated to equity research activities.
As of December 31, 2024, the company had a network of digital branches and client service branches in Latin America (excluding Brazil). In Paraguay, the company had some non-bank correspondent locations, which are points of service with a simplified structure, strategically located in supermarkets to provide services to its clients in that country. As of December 31, 2024, the company also had 30 points of service through OCA S.A., its credit card operator in Uruguay.
Banco Itaú Chile (formerly named Itaú CorpBanca)
Banco Itaú Chile provides a broad range of wholesale and retail banking services to customers in Chile and Colombia. In addition, it provides financial advisory services, mutual fund management, insurance brokerage and securities brokerage services through subsidiaries, and banking services through the New York branch. It operates in two main geographic areas: Chile and Colombia. The Chilean business unit also includes operations carried out by Itaú Chile New York branch and the Colombia segment also includes the operations carried out by Itaú (Panama) S.A.
Business segments in Chile have been strategically aligned onto three areas directly related not only to the company’s medium-term strategy but to its customers’ needs: Wholesale Banking (a. Corporate, b. Large Companies and c. Real Estate and Construction); Retail Banking (a. Itaú Personal Bank, b. Itaú Branches, c. Itaú Private Bank, d. Midsize Companies, e. Small and Medium Enterprises and f. Banco Condell, the company’s Consumer Finance Division); and Treasury. Itaú Colombia provides a broad range of commercial and retail banking services to its customers in Colombia, operating principally in the cities of Bogotá, Medellín, Cali, Bucaramanga, Cartagena and Barranquilla.
Banco Itaú Paraguay
The company’s operations in Paraguay began in 1978 under the brand “Interbanco,” which was changed to Itaú Paraguay in 2010 after the merger between Itaú and Unibanco.
Banco Itaú Paraguay offers a wide variety of products and financial solutions to serve the needs of different customers segments such as small and middle market companies, agribusiness, large companies, institutions, and individuals.
The company’s main competitors in Paraguay are Banco Continental, Sudameris and GNB Paraguay.
Banco Itaú Uruguay
The company’s banking operations in Uruguay include Banco Itaú Uruguay, OCA (the largest credit card issuer in Uruguay, according to data from the Central Bank of Uruguay) and the pension fund management company Unión Capital. The company’s strategy in Uruguay is to serve a broad range of clients through customized banking solutions.
The company’s retail business is focused on individuals and small companies. Retail products and services focus on the middle and upper-income segments, and also include current and savings accounts, payroll payment, self-service areas and ATMs in all branches, and phone and internet banking. The wholesale business division is focused on multinational companies, financial institutions, large and middle market companies, and the public sector, providing lending, cash management, treasury, trade and investment services.
The company’s main competitors in Uruguay are Banco Santander Uruguay, BBVA Uruguay and Scotiabank Uruguay.
Itau BBA International
The company’s banking activities carried out under the corporate structure of Itau BBA International are mainly focused on two business lines:
Corporate and Investment Banking: through Itau BBA International, headquartered in the United Kingdom, and its subsidiary Itaú Europe, headquartered in Portugal, with a branch in Luxembourg and business platforms in Madrid, Spain, and Paris, France, this segment supports the financial needs of companies with international presence and operations, focusing on transactions related to financing and investment relationships between companies in Latin America and the Northern Hemisphere. The services offered include the origination of structured financing, hedging, trade financing and advisory to Latin American and U.S. companies undertaking business in the Northern Hemisphere and large economic groups investing into Latin America.
Private Banking: under the corporate structure of Itau BBA International, the company manages private banking activities in Miami, the U.S., and Zurich, Switzerland, offering specialized financial and asset management services for Latin American clients with high net worth by providing a diversified and specialized basis of investment funds, trading and managing on their account securities and other financial instruments, as well as by managing trusts and investment companies on behalf of customers.
Other International Operations
The company has other international operations in the U.S., Cayman Islands, and the Bahamas, which have the following objectives:
Support the company’s clients in cross-border financial transactions and services, providing its clients with a variety of financial products, such as trade financing, loans from multilateral credit agencies, off-shore loans, international cash management services, foreign exchange, letters of credit, guarantees required in international bidding processes, derivatives for hedging or proprietary trading purposes, structured transactions, and international capital markets offerings. The company’s international units offer a variety of financial products through their branches.
Manage proprietary portfolios and raise funds through the issuance of securities in the international market. Fundraising through the issuance of securities, certificates of deposit, commercial paper and trade notes can be conducted by its branches located in the Cayman Islands, the Bahamas, and the United States, as well as through Itaú Bank Ltd., a banking subsidiary incorporated in the Cayman Islands. The company’s proprietary portfolios are mainly held by Itaú Bank and its Nassau and Cayman Islands branches. These offices also enhance its ability to manage its international liquidity.
Through its international operations, the company establishes and monitors trade-related lines of credit from foreign banks, maintains correspondent banking relationships with money centers and regional banks throughout the world, and oversees its other foreign currency-raising activities.
Revenues from Operations in Brazil and Abroad
The company conducts most of its business activities in Brazil, but it does not break down its revenues by geographic markets within Brazil. The company’s interest income from loans and leases, banking service fees and income from insurance, private pension plans and premium bonds transactions are divided between revenues earned in Brazil and outside of Brazil.
Distribution Channels
The company provides a wide range of financial services and products to its clients, from commercial banking to asset management and investment banking services. Those products are distributed through two main channels: traditional and digital channels.
The traditional channels are composed of physical branches – which could be either full-service branches or in-house corporate service centers – and ATMs. The digital channels are operated remotely, via the internet or mobile phones.
The company’s network of branches, which includes physical and digital branches, distributes all of products and services in Brazil.
The company also has its own ATMs and additional machines via partnership with Technologia Bancaria S.A. (Tecban), (as of December 31, 2024), which are a very convenient and efficient way of serving clients, due to its 24/7 availability and very complete services offering.
Clients who prefer to use digital channels, such as internet and mobile banking, are served remotely by its relationship managers based on one of its digital branches in Brazil.
Digital Channels (Internet and Mobile Banking)
Digital channels continue to play a pivotal role in Itaú’s ongoing transformation and digitalization journey. In 2024, more than 3.9 million accounts were opened through digital channels.
Growth in total accesses to its super-app is even more significant—with a 55% increase—particularly when factoring in credit card holders and its customers who migrated to the super-app as part of the company’s One Itaú strategy, which aims to unify the user experience through a single app offering comprehensive banking services.
The company remains committed to improving the user experience by reinforcing its design principles, leveraging data analytics, and advancing technical modernization initiatives. These efforts have driven a notable increase in the company's super-app NPS across all customer segments, with year-on-year gains ranging from 6 to 8 points depending on the segment, and reaching the excellence zone in upper-income segments.
Brand and Marketing Channels
A relevant achievement for the company's brand also took place in 2024, with the new brand repositioning of its business-to-business segment aimed at corporate clients, including large, medium, and small companies, addressing the commercial and financial needs of these businesses. The brand also reinforced its positioning with the launch of the new digital super app, which introduces several new features to provide a simpler, faster, and more seamless digital experience—making customers’ lives easier in an innovative and impactful way. The Personnalite and Uniclass brands, relaunched in the previous year, also strengthened their brand position.
Supervision and Regulation
The company provides several services in the capital markets, and in particular, it performs activities related to fund administration and portfolio management under CVM registration and in accordance with CVM – Comissão de Valores Mobiliários (Brazilian Securities and Exchange Commission) regulation.
The company complies with the requirements of the LGPD, especially in relation to the security and protection of personal data, as well as CMN Resolution No. 4,893/2021 and of Central Bank Resolution No 85/2021, which require financial and payment institutions to institute a Cybersecurity Policy, as well as regulates the outsourcing of relevant data processing and storage and cloud computing services. The company also complies with (i) CVM Resolution No. 35/2021, which sets forth the standards and procedures to be observed in security transactions carried out in regulated securities markets requiring the implementation of cybersecurity controls and data protection,(ii) SUSEP Circular No. 638/2021, which provides for cyber security requirements to be observed by insurance companies, open entities pension funds (EAPCs), capitalization and local reinsurers and (iii) the SEC’s cybersecurity disclosure rules for foreign issuers, focusing on Risk Management, Strategy, Governance and Cybersecurity Incident Disclosure.
History
The company was founded in 1924. It was incorporated in Brazil in 1924. The company was formerly known as Itaú Unibanco Banco Múltiplo S.A. and changed its name to Itaú Unibanco Holding S.A. in 2009.
