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Itaú Unibanco Holding S.A.

Banking and Financial ServicesFounded 2008
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

Itaú Unibanco Acquisitions

5

Major Deals Covered

What are Itaú Unibanco's biggest acquisitions?

This page covers 5 major deals from 2008 to 2020, each with its price where disclosed and the reason behind it.

Major deals covered
5
First deal
2008
Most recent
2020
CompanyYearPricePurpose
Unibanco merger2008UndisclosedItaú and Unibanco combined their operations to create a larger Brazilian universal bank with complementary retail, wholesale, insurance, wealth, technology, and distribution capabilities. Because this was a share-based merger rather than a conventional cash acquisition, no dollar value is assigned here.
CorpBanca combination in Chile2016UndisclosedItaú combined Banco Itaú Chile with CorpBanca to build a stronger regional banking platform in Chile and Colombia. The transaction closed on April 1, 2016 after a ~$416 million (R$2.309 billion) capital increase at Banco Itaú Chile and an exchange of shares, so it is not represented as a dollar purchase price.
Citibank retail operations in Brazil2017UndisclosedItaú agreed in 2016 to acquire Citibank's Brazilian retail activities, including loans, deposits, credit cards, branches, onshore wealth management, insurance brokerage, and minority interests in TECBAN and CIBRASEC. The disclosed consideration was ~$113 million (R$627.795 million); the value field remains zero because the site displays that field as US dollars.
XP Investimentos minority stake2017UndisclosedItaú signed an agreement to acquire 49.9% of XP Investimentos, including a ~$108 million (R$600 million) capital contribution and ~$1.03 billion (R$5.7 billion) purchase of shares from existing holders. The transaction gave Itaú exposure to a fast-growing independent investment platform without initial voting control; the value field is zero because the consideration was disclosed in reais.
Zup I.T. Serviços em Tecnologia e Inovação2020UndisclosedItaú agreed in 2019 to acquire all of technology consultancy Zup through staged purchases, assigning a ~$104 million (R$575 million) base value to the company. The first closing in 2020 gave Itaú control for approximately $52.7 million (R$293 million); acquisitionValue is zero because those verified amounts are denominated in reais.
What companies has Itaú Unibanco bought?
Major acquisitions by Itaú Unibanco documented here include Zup I.T. Serviços em Tecnologia e Inovação (2020), Citibank retail operations in Brazil (2017), XP Investimentos minority stake (2017), CorpBanca combination in Chile (2016) and Unibanco merger (2008).
What is Itaú Unibanco's most recent acquisition?
The most recent Itaú Unibanco acquisition documented here is Zup I.T. Serviços em Tecnologia e Inovação, in 2020.

Zup I.T. Serviços em Tecnologia e Inovação

2020

Why

Itaú agreed in 2019 to acquire all of technology consultancy Zup through staged purchases, assigning a ~$104 million (R$575 million) base value to the company. The first closing in 2020 gave Itaú control for approximately $52.7 million (R$293 million); acquisitionValue is zero because those verified amounts are denominated in reais.

Impact

Zup added software engineering and legacy-system integration capabilities intended to accelerate Itaú's digital transformation and delivery of new customer functions. The company continued serving outside clients while contributing specialist talent and development methods to the bank's technology program.

Outcome

Itaú acquired further interests in 2023 and completed the final phase in March 2024, becoming Zup's sole shareholder. The staged structure converted an initial controlling stake into full ownership while allowing operational continuity during integration.

Source →

Citibank retail operations in Brazil

2017

Why

Itaú agreed in 2016 to acquire Citibank's Brazilian retail activities, including loans, deposits, credit cards, branches, onshore wealth management, insurance brokerage, and minority interests in TECBAN and CIBRASEC. The disclosed consideration was ~$113 million (R$627.795 million); the value field remains zero because the site displays that field as US dollars.

Impact

The acquired operation added consumer and wealth relationships, deposits, cards, credit assets, and physical distribution to Itaú's domestic franchise. Closing occurred in three stages in 2017, covering retail and cards, securities brokerage, and the two equity interests.

Outcome

The transaction consolidated the purchased customer portfolios and services within Itaú's Brazilian retail platform. It strengthened the bank's position with card, deposit, lending, and wealth clients without requiring the construction of those relationships one account at a time.

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XP Investimentos minority stake

2017

Why

Itaú signed an agreement to acquire 49.9% of XP Investimentos, including a ~$108 million (R$600 million) capital contribution and ~$1.03 billion (R$5.7 billion) purchase of shares from existing holders. The transaction gave Itaú exposure to a fast-growing independent investment platform without initial voting control; the value field is zero because the consideration was disclosed in reais.

Impact

The investment broadened Itaú's participation in Brazil's expanding brokerage and open-investment market while XP continued operating as a distinct business. The first tranche closed in 2018, and XP later reorganized under XP Inc. and listed shares on Nasdaq.

Outcome

Itaú ultimately separated most of the investment through the XPart reorganization and later sales rather than absorbing XP into its core bank. The result was financial exposure to XP's growth followed by a clearer separation between the two competing investment platforms.

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CorpBanca combination in Chile

2016

Why

Itaú combined Banco Itaú Chile with CorpBanca to build a stronger regional banking platform in Chile and Colombia. The transaction closed on April 1, 2016 after a ~$416 million (R$2.309 billion) capital increase at Banco Itaú Chile and an exchange of shares, so it is not represented as a dollar purchase price.

Impact

The merger created Itaú CorpBanca and gave Itaú Unibanco a 33.58% initial interest plus governance rights that enabled control. It broadened the group's Latin American lending, deposits, corporate banking, and distribution footprint outside Brazil.

Outcome

Itaú continued raising its ownership over later years and integrating the Chilean and Colombian operations. Milton Maluhy Filho led Itaú CorpBanca from 2016 to 2018, experience that later informed his appointment as group CEO.

Source →

Unibanco merger

2008

Why

Itaú and Unibanco combined their operations to create a larger Brazilian universal bank with complementary retail, wholesale, insurance, wealth, technology, and distribution capabilities. Because this was a share-based merger rather than a conventional cash acquisition, no dollar value is assigned here.

Impact

The agreement joined two long banking lineages during the global financial crisis and created Itaú Unibanco, which the company identifies as Brazil's largest private bank. It also brought the Moreira Salles and Itaú controlling groups into a shared governance structure.

Outcome

The combined institution became the platform for subsequent regional expansion and digital investment. Integration placed retail and wholesale banking, cards, acquiring, insurance, asset management, and international operations under one group while preserving the histories of both predecessor franchises.

Source →

Itaú Unibanco Holding S.A.'s Growth & Acquisition Strategy

Under CEO Milton Maluhy Filho, Itaú's strategy centers on client centricity, efficiency and technology. It is consolidating customer apps into one platform, modernizing legacy systems and moving workloads to the cloud, expanding the use of data and AI in credit and service, growing wealth management and investment distribution, and allocating capital selectively across its Latin American subsidiaries, while returning excess capital through dividends and buybacks.

How Itaú Unibanco Holding S.A. Makes Money

Itaú is a universal bank that makes money in three ways. First, net interest income: it lends to individuals (credit cards, payroll loans, mortgages, vehicle finance) and companies, funded largely by deposits, and earns the spread between lending and funding rates. Second, fees and services: card issuing through Itaucard, merchant acquiring through Rede, account and payment services, asset management, private banking and investment banking at Itaú BBA. Third, insurance, pensions and premium bonds sold to its customer base. In FY2025 management reporting, Retail generated ~$20.2 billion (R$112.2 billion) of operating revenue, Wholesale ~$11.3 billion (R$62.6 billion) and Market and Corporation activities ~$1.73 billion (R$9.6 billion).

Itaú Unibanco Acquisitions FAQ

What were Itaú Unibanco's major acquisitions?

Key deals include the 2008 Unibanco merger, BankBoston's Latin American operations (2006), full control of Redecard (2012), the CorpBanca combination in Chile (closed 2016), Citibank's Brazilian retail operations (closed 2017), a 49.9% stake in XP Investimentos (agreed 2017) and technology firm Zup (control 2020, full ownership 2024).

What did Itaú pay for Citibank's Brazilian retail business?

The disclosed consideration was ~$113 million (R$627.8 million); the deal closed in stages during 2017.

What happened to Itaú's XP stake?

Itaú agreed to buy 49.9% of XP in 2017 without control. After XP's Nasdaq listing, most of the holding was separated through the XPart reorganization and later share sales.

Why did Itaú buy Zup?

To add software engineering capacity for its technology modernization. Itaú took control in 2020 and became sole shareholder in March 2024.

What companies has Itaú acquired?

To maintain its massive monopoly, Itaú aggressively acquires competitors. In 2014, they executed a massive cross-border merger with CorpBanca to heavily dominate Chile and Colombia. In 2017, seeing the massive threat of digital retail investing, Itaú spent massive billions to buy a 49% stake in XP Investimentos (Brazil's largest digital brokerage), neutralizing a major competitor.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.