Brazilian Bank Merger
Brazilian banks Itau and Unibanco announced today their plan to merge and create South America’s largest private-sector banking group they hope will soon be a “global player.”
Banco Itau SA and Unibanco Holdings SA did not disclose the value of the stock swap deal, but said that the new bank would be called Itau Unibanco Holdings SA and would have combined assets of 575.1 billion reals ($261.4 billion).
The deal could also put pressure on Bradesco, which has long been the largest private-sector bank in Brazil, to pursue acquisitions in a bid to hold on to the No. 1 ranking among non-government banks.
Sources: