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Itaú Unibanco Holding S.A.

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

Founders

Who Founded Itaú Unibanco?

João Moreira Salles, Alfredo Egydio de Souza Aranha · Founded 2008 · HQ today: São Paulo, Brazil

Who founded Itaú Unibanco?

Itaú Unibanco was founded by João Moreira Salles, Alfredo Egydio de Souza Aranha in 2008. It is now led by Milton Maluhy Filho.

Founders
João Moreira Salles, Alfredo Egydio de Souza Aranha
Founded
2008
Headquarters
São Paulo, Brazil
Number of founders
2
Current CEO
Milton Maluhy Filho (since 2021)
Where was Itaú Unibanco founded?
Itaú Unibanco was founded in São Paulo, Brazil in 2008.
When was Itaú Unibanco founded?
Itaú Unibanco was founded in 2008.
Who started Itaú Unibanco?
Itaú Unibanco was founded by João Moreira Salles and Alfredo Egydio de Souza Aranha.
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.

João Moreira Salles

Co-founder 1924

Background

A merchant in the inland coffee region of Minas Gerais, he moved from trade into banking by offering deposit and correspondent services to local businesses in the 1920s.

Role at Itaú Unibanco Holding S.A.

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

Co-founder 1943

Background

A São Paulo businessman with commercial and industrial interests, he entered banking in the 1940s during Brazil's early industrialization.

Role at Itaú Unibanco Holding S.A.

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).

Itaú Unibanco Holding S.A.: CEO & Leadership History

Full timeline →

Milton Maluhy Filho

Chief Executive Officer

2021 – Present

His preparation combined group-level finance and risk work with direct integration experience. Maluhy joined Itaú Unibanco in 2002, became a director in 2007, led Itaú CorpBanca from 2016 to 2018 after the Chilean combination, and served as an executive vice president in 2019 and 2020 before becoming CEO. That background connects regional operations, balance-sheet control, and technology execution. During his tenure, FY2025 results reached ~$30.2 billion (R$167.780 billion) in IFRS operating revenue and ~$8.07 billion (R$44.857 billion) in net income attributable to owners, while the bank continued modernizing distribution and technology. His contribution is a more integrated operating model intended to raise engagement and efficiency without loosening risk standards.

Candido Botelho Bracher

Former Chief Executive Officer

2017 – 2021

Bracher brought substantial wholesale and capital-markets experience to the top role. He was a founding partner of BBA Creditanstalt, later served in senior Itaú Unibanco positions, became head of Wholesale Banking from 2015 to 2017, and succeeded Roberto Setubal as CEO. His tenure connected Itaú BBA's corporate and institutional capabilities with the broader group's risk, technology, and efficiency priorities. He also presided over senior executive risk forums dealing with market, liquidity, operational, and credit risk. After leaving the chief executive role in 2021, he remained involved through the board and became an independent board member in 2024.

Roberto Egydio Setubal

Former Chief Executive Officer

1994 – 2017

Setubal joined Banco Itaú in 1980 and was appointed to lead it in 1994. After the Itaú-Unibanco combination, he became chief executive of Itaú Unibanco Holding and remained in that role until 2017, giving the enlarged institution continuity through integration and regional expansion. His durable contribution was institutional: he helped turn a Brazilian bank built through acquisitions into a diversified universal group with formal capital and risk disciplines. In 2017 he moved from executive management to co-chair the board, supporting succession to Candido Bracher while retaining responsibility for long-term governance and risk oversight.

Keep researching Itaú Unibanco

Who Founded Itaú Unibanco? FAQ

Who were the foundational founders of Banco Itaú and Unibanco?

Banco Itaú was founded in 1943 by Alfredo Egydio de Souza Aranha in São Paulo, while Unibanco was founded in 1924 by João Moreira Salles in Poços de Caldas, Minas Gerais, with the two institutions merging in 2008.

What was the founding origin of Unibanco in 1924 as Casa Bancária Moreira Salles?

In 1924, João Moreira Salles founded Casa Bancária Moreira Salles in Poços de Caldas, Minas Gerais, providing agricultural financing for regional coffee farmers, growing into União de Bancos Brasileiros (Unibanco) under diplomat and banker Walther Moreira Salles.

Who was Ambassador Walther Moreira Salles and what was his legacy in Brazilian finance and diplomacy?

Walther Moreira Salles (1912 to 2001) transformed Unibanco into a national financial giant while serving as Brazil's Ambassador to the United States and Minister of Finance, playing an instrumental role in shaping modern Brazilian international relations.

What was the founding origin of Banco Itaú in 1943 by Alfredo Egydio de Souza Aranha?

In 1943, Dr. Alfredo Egydio de Souza Aranha established Banco Central de Crédito in São Paulo (later renamed Banco Federal Itaú in 1964 after merging with Banco Itaú from Itaú de Minas), focusing on industrial and commercial credit during Brazil's industrial boom.

Who was Olavo Egydio Setubal and what was his transformative impact as leader of Itaú and Mayor of São Paulo?

Dr. Olavo Setubal (1923 to 2008), nephew of the founder, was an engineer and statesman who led Banco Itaú for decades, introduced automated computer banking to Brazil in the 1960s, served as Mayor of São Paulo (1975 to 1979) and Brazil's Minister of Foreign Affairs.

What is the meaning and origin of the name 'Itaú'?

The word 'Itaú' comes from the indigenous Tupi-Guarani language, meaning 'black stone' or 'black rock' (ita = stone, ú = black), symbolizing solid strength and durability.

What cultural institutions were created by the founding families of Itaú and Unibanco?

The founding families established world-renowned cultural institutions in Brazil, including Itaú Cultural (promoting Brazilian arts and literature) and Instituto Moreira Salles (IMS - premier Brazilian cultural and photography centers in São Paulo and Rio de Janeiro).

Who founded Itaú Unibanco?

The modern entity is controlled by three of the most powerful, elite families in Brazil: the Setubal and Villela families (who founded Banco Itaú) and the Moreira Salles family (who founded Unibanco). Unlike massive American banks which are widely held by mutual funds, these three families maintain strict, massive voting control over the conglomerate through a highly complex holding company (Itaúsa).

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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.