Itaú Unibanco Holding S.A.
Company History
Itaú Unibanco History: Founding, Growth & Key Milestones
Founded 2008 in São Paulo, Brazil
When was Itaú Unibanco founded?
Itaú Unibanco was founded in 2008 in São Paulo, Brazil by João Moreira Salles and Alfredo Egydio de Souza Aranha, making it 18 years old.
- Founded
- 2008
- Founding place
- São Paulo, Brazil
- Founders
- João Moreira Salles and Alfredo Egydio de Souza Aranha
- Headquarters today
- São Paulo, Brazil
- Milestones documented
- 11 (1924–2025)
- Current CEO
- Milton Maluhy Filho
- Acquisitions
- 5
| Year | Event |
|---|---|
| 1924 | Casa Moreira Salles Opens Its Banking Section |
| 1943 | Banco Central de Crédito Is Founded |
| 1964 | Banco Federal Itaú Takes Shape |
| 1973 | The Banco Itaú Name Is Adopted |
| 1994 | Roberto Egydio Setubal becomes CEO |
| 2006 | BankBoston Brazil Acquired |
| 2008 | Itaú and Unibanco Combine |
| 2016 | Itaú CorpBanca Combination Closes |
| 2017 | Candido Botelho Bracher becomes CEO |
| 2021 | Milton Maluhy Filho Becomes CEO |
| 2025 | Operating Revenue Reaches R$167.780 Billion |
- Where was Itaú Unibanco founded?
- Itaú Unibanco was founded in São Paulo, Brazil in 2008.
- Who founded Itaú Unibanco?
- Itaú Unibanco was founded by João Moreira Salles and Alfredo Egydio de Souza Aranha.
- When did Itaú Unibanco start?
- Itaú Unibanco was founded in 2008.
- How old is Itaú Unibanco?
- Itaú Unibanco is 18 years old as of 2026.
Founding Story
The group has two roots: the banking section of Casa Moreira Salles, opened in 1924 in Poços de Caldas, which became Unibanco, and Banco Central de Crédito, founded in São Paulo in 1943, which became Banco Itaú. Both grew through decades of mergers and acquisitions. On November 3, 2008, weeks after the Lehman Brothers collapse, the two announced they would combine, creating Itaú Unibanco and Brazil's largest private bank.
Founders
João Moreira Salles
João Moreira Salles was a merchant in Poços de Caldas, Minas Gerais, who in 1924 opened a banking section inside his trading house, Casa Moreira Salles. That operation, initially a correspondent for larger banks, is the starting point of the lineage that later became União de Bancos Brasileiros (Unibanco). His son Walther Moreira Salles expanded it into a national bank, and the family's banking interests combined with Banco Itaú in 2008 to form Itaú Unibanco. (Exact birth year remains publicly undisclosed).
Alfredo Egydio de Souza Aranha
Alfredo Egydio de Souza Aranha was a São Paulo businessman who founded Banco Central de Crédito in 1943; its first branches opened in 1945. The bank grew through a series of mergers, including the 1964 combination with Banco Itaú of Itaú de Minas, and adopted the Banco Itaú name in 1973. His nephew Olavo Setubal later led the bank for decades, and the Egydio de Souza Aranha, Setubal and Villela families still exercise control through the holding company Itaúsa. (Exact birth year remains publicly undisclosed).
Key Milestones
Casa Moreira Salles Opens Its Banking Section
João Moreira Salles established a banking section within Casa Moreira Salles in Poços de Caldas, Minas Gerais. The operation served as a correspondent for major state banks and became the institutional starting point of the franchise later known as Unibanco.
Source: itau.com.brBanco Central de Crédito Is Founded
Alfredo Egydio de Souza Aranha founded Banco Central de Crédito in São Paulo, creating the other principal lineage of today's group. Itaú's official history separately records that its first branches opened in 1945 in São Paulo, Campinas, and So João da Boa Vista.
Source: itau.com.brBanco Federal Itaú Takes Shape
Banco Federal de Crédito combined with Banco Itaú S.A. of Itaú de Minas and adopted the Banco Federal Itaú S.A. name. The combination was one step in the consolidation program that expanded the predecessor's geographic reach and product capabilities.
Source: itau.com.brThe Banco Itaú Name Is Adopted
The growing institution changed its name to Banco Itaú S.A. and adopted the logo associated with the brand. Itaú says it was then Brazil's second-largest bank by deposits and the largest by branch count, with 468 service points.
Source: itau.com.brRoberto Egydio Setubal becomes CEO
Roberto Egydio Setubal became CEO of Itaú Unibanco Holding in 1994. Setubal joined Banco Itaú in 1980 and was appointed to lead it in 1994.
Source: itau.com.brBankBoston Brazil Acquired
Itau bought the Brazilian operations of BankBoston from Bank of America in 2006.
Source: en.wikipedia.orgItaú and Unibanco Combine
Itaú and Unibanco announced the combination of their operations on November 3 during the global financial crisis. The transaction united two long-established banking groups as Itaú Unibanco and created what the company describes as Brazil's largest private bank.
Source: sec.govItaú CorpBanca Combination Closes
Banco Itaú Chile's combination with CorpBanca closed on April 1 after the required reorganization. The merged Itaú CorpBanca extended the group's position in Chile and Colombia, while Itaú Unibanco obtained the governance rights needed to control the combined bank.
Source: sec.govCandido Botelho Bracher becomes CEO
Candido Botelho Bracher became CEO of Itaú Unibanco Holding in 2017. Bracher brought substantial wholesale and capital-markets experience to the top role.
Source: itau.com.brMilton Maluhy Filho Becomes CEO
Milton Maluhy Filho became chief executive after serving in senior finance and risk roles and leading Itaú CorpBanca. His mandate centers on client focus, disciplined capital allocation, technology modernization, integrated digital distribution, and the continued development of data and automation capabilities.
Source: itau.com.brOperating Revenue Reaches R$167.780 Billion
Itaú reported ~$30.2 billion (R$167.780 billion) of IFRS operating revenue and ~$8.07 billion (R$44.857 billion) of net income attributable to owners. Management reporting showed ~$20.2 billion (R$112.204 billion) from Retail, ~$11.3 billion (R$62.620 billion) from Wholesale, and ~$1.72 billion (R$9.569 billion) from Market and Corporation activities before adjustments.
Source: sec.govMajor Acquisitions
Unibanco merger
2008Itaú 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 Chile
2016Itaú 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 Brazil
2017Itaú 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 stake
2017Itaú 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 Inovação
2020Itaú 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.
Keep researching Itaú Unibanco
Itaú Unibanco Company History FAQ
When was Itaú Unibanco founded?
The holding company in its current form dates to the November 3, 2008 merger of Banco Itaú and Unibanco. Its predecessors date to 1924 (Unibanco) and 1943 (Itaú).
When did Banco Itaú adopt its name?
The bank became Banco Itaú S.A. in 1973, after a 1964 combination with Banco Itaú of Itaú de Minas formed Banco Federal Itaú.
Why did Itaú and Unibanco merge in 2008?
The merger, announced during the global financial crisis, combined two large private banks to gain scale and complementary retail, wholesale, insurance and wealth businesses.
When did Itaú combine with CorpBanca?
The merger of Banco Itaú Chile and CorpBanca closed on April 1, 2016, creating Itaú CorpBanca, now Itaú Chile.
Who has led Itaú Unibanco since 2008?
Roberto Setubal (to 2017), Candido Bracher (2017 to 2021) and Milton Maluhy Filho (2021 to present).
How did Itaú Unibanco start?
Itaú Unibanco was officially formed in 2008 during the global financial crisis. It was a massive, historic mega-merger between Banco Itaú (founded in 1945 by the Setubal and Villela families) and Unibanco (founded in 1924 by the Moreira Salles family). This merger created an absolute behemoth, becoming the largest financial conglomerate in the Southern Hemisphere.
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