Itaú Unibanco vs Santander: Founders, CEOs and History
Itaú Unibanco was founded in 2008 by João Moreira Salles, Alfredo Egydio de Souza Aranha and is led by Milton Maluhy Filho. Santander was founded in 1857 by Queen Isabella II, Founding Shareholders of Banco de Santander and is led by Héctor Grisi.
Company facts
Itaú Unibanco
- Founded
- 2008
- Headquarters
- São Paulo, Brazil
- Current CEO
- Milton Maluhy Filho
- Employees
- 92,470
Santander
- Founded
- 1857
- Headquarters
- Boadilla del Monte, Madrid, Spain
- Current CEO
- Héctor Grisi
- Employees
- 185,000
Founders
Itaú Unibanco
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.
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.
Santander
Queen Isabella II
Queen Isabella II reigned over Spain from 1833 to 1868. On May 15, 1857, a royal decree issued during her reign authorized the creation of Banco de Santander in the northern port city of Santander.
Founding Shareholders of Banco de Santander
The founding shareholders were merchants and businesspeople of Santander, a port with heavy trade links to Spain's Caribbean and Latin American markets. They backed the bank to provide credit, discounting and payment services for that trade.
CEOs and their tenures
Itaú Unibanco
- Roberto Egydio Setubal1994–2017
Former Chief Executive Officer
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…
Source - Candido Botelho Bracher2017–2021
Former Chief Executive Officer
Bracher brought substantial wholesale and capital-markets experience to the top role.
Source - Milton Maluhy Filho2021–present
Chief Executive Officer
His preparation combined group-level finance and risk work with direct integration experience.
Source
Santander
- Emilio Botin1986–2014
Former Chairman
Turned a Spanish bank into a multinational group with major franchises in Latin America and the UK.
Source - Ana Botin2014–present
Executive Chair
Previously ran Santander UK; became executive chair in September 2014 after her father's death. Under her the group moved toward global businesses and shared technology rather than a loose federation of local banks.
Source - Hector Grisi2023–present
Chief Executive Officer
Former head of Santander Mexico and North America; group CEO since January 1, 2023, succeeding Jose Antonio Alvarez. Responsible for executing ONE Transformation and the 2028 targets.
Source
Timeline: Itaú Unibanco and Santander side by side
1857Santander
Banco de Santander is authorized
A royal decree authorized Banco de Santander in northern Spain.
1924Itaú Unibanco
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.
1943Itaú Unibanco
Banco 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.
1964Itaú Unibanco
Banco 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.
1973Itaú Unibanco
The 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.
1996Santander
Acquired Grupo Financiero InverMexico
Banco Santander acquired Grupo Financiero InverMexico in 1996.
1999Santander
Merger with Banco Central Hispano
The combination created a larger Spanish banking platform for international expansion.
2004Santander
Abbey National acquisition
Santander entered the UK retail banking market at scale.
2008Itaú Unibanco
Itaú and Unibanco Combine
Itaú and Unibanco announced the combination of their operations on November 3 during the global financial crisis.
2014Santander
Ana Botin becomes executive chair
Leadership passed to Ana Botin after Emilio Botin's death.
2016Itaú Unibanco
Itaú CorpBanca Combination Closes
Banco Itaú Chile's combination with CorpBanca closed on April 1 after the required reorganization.
2021Itaú Unibanco
Milton Maluhy Filho Becomes CEO
Milton Maluhy Filho became chief executive after serving in senior finance and risk roles and leading Itaú CorpBanca.
2025Itaú Unibanco
Operating 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.
2025Santander
Record profit and 180 million customers
Santander reported ~$15.9 billion (EUR 14.101 billion) in attributable profit and reached 180 million customers.
2026Santander
Santander Bank Polska stake sold
Sale of 49% of Santander Bank Polska to Erste Group completed on January 9, 2026.
2026Santander
TSB acquisition completed
Santander UK completed the TSB acquisition on April 30, 2026.
2026Santander
Webster Bank acquisition completed
The $12.2 billion Webster deal closed on August 20, 2026.
Acquisitions
Itaú Unibanco
- Zup I.T. Serviços em Tecnologia e Inovação2020Undisclosed
- Citibank retail operations in Brazil2017Undisclosed
- XP Investimentos minority stake2017Undisclosed
- CorpBanca combination in Chile2016Undisclosed
- Unibanco merger2008Undisclosed
Santander
- TSB Banking Group2026Undisclosed
- Webster Financial Corporation2026$12.2B
- Banco Popular2017$1
- Banco Real (via ABN AMRO consortium)2007Undisclosed
- Abbey National2004Undisclosed
- Grupo Financiero Serfin2000Undisclosed
Questions about Itaú Unibanco vs Santander
Who is the CEO of Itaú Unibanco Holding S.A. and Banco Santander, S.A.?
Itaú Unibanco Holding S.A. is led by Milton Maluhy Filho and Banco Santander, S.A. is led by Héctor Grisi. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Itaú Unibanco Holding S.A. founded vs Banco Santander, S.A.?
Banco Santander, S.A. was founded in 1857 — 151 years before Itaú Unibanco Holding S.A., which was founded in 2008. Banco Santander, S.A.'s longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Itaú Unibanco Holding S.A..
How many employees does Itaú Unibanco Holding S.A. have compared to Banco Santander, S.A.?
Itaú Unibanco Holding S.A. employs approximately 92,470 people, while Banco Santander, S.A. employs approximately 185,000. Banco Santander, S.A. has the larger workforce at 185,000 employees, compared to Itaú Unibanco Holding S.A.'s 92,470. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are Itaú Unibanco Holding S.A. and Banco Santander, S.A. headquartered?
Itaú Unibanco Holding S.A. is headquartered in Brazil and Banco Santander, S.A. is headquartered in Spain. Their different home markets mean they may face different regulatory frameworks, tax regimes, and currency exposure.
Who founded Itaú Unibanco Holding S.A. and Banco Santander, S.A.?
Itaú Unibanco Holding S.A. was founded by João Moreira Salles, Alfredo Egydio de Souza Aranha. Banco Santander, S.A. was founded by Queen Isabella II, Founding Shareholders of Banco de Santander.
Which company has a longer operating history — Itaú Unibanco Holding S.A. or Banco Santander, S.A.?
Banco Santander, S.A. has been operating for approximately 169 years, making it the more established of the two companies. Itaú Unibanco Holding S.A. has been in operation for around 18 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Itaú Unibanco vs Santander overview