Itau Unibanco Holding S.A. (ITUB)

Itaú Unibanco signed a share purchase agreement on 26 October 2026 to acquire all the shares of NeoSpace, a Brazilian artificial intelligence startup, for BRL 2,925,000,000 2.

One installment is paid at closing and the rest is deferred over five years, and closing needs approval from Brazil's antitrust authority (CADE) and the Central Bank 2. Bloomberg Línea reported that the deal is paid entirely in cash and that the founder, Bruno Pierobon, stays as chief executive of NeoSpace, founded in 2023 5.

The bank said NeoSpace has trained models on Itaú's own data for nearly two years, for credit, customer relationship management and fraud prevention 2. Capital Aberto reported that Itaú led a US$18 million round in January 2025 and took 15 percent of the capital 4.

The newest quarterly result, for the second quarter of 2026, was a recurring managerial result of BRL 12.4 billion and an annualized return on average equity of 24.3 percent 3. The credit portfolio reached BRL 1.5 trillion 3.

Loans more than 90 days overdue stayed at 1.9 percent of the book, the sixth quarter in a row at that level 3. In August the bank cut its 2026 projection for growth in commissions, fees and insurance results to between 2.0 and 5.0 percent, citing capital market volatility 3.

Capital Aberto reported that the bank publishes third-quarter results on 3 November 4. It also reported that on 15 October the bank put money into Eneva III, a unit of the energy company Eneva, in a structure that works in practice as financing 4.

The bank traces its roots to 1924, when the retail company Casa Moreira Salles, founded by João Moreira Salles in Poços de Caldas, obtained a banking license 1. That business later became União de Bancos Brasileiros, known as Unibanco 1.

In 1943 members of the Egydio de Souza Aranha family founded Banco Central de Crédito, which later became Banco Itaú 1. By the time of the merger with Unibanco, Itaú was the second-largest bank in Brazil by total assets 1.

In 2008 the two banks became Itaú Unibanco Holding, in the largest merger in Brazilian history by asset value 1. At the time it was the largest privately owned financial conglomerate in the Southern Hemisphere 1.

In April 2016 it closed the merger of Banco Itaú Chile with CorpBanca and took control of the combined bank, which also brought operations in Colombia and Panama 1. It now owns 67.42 percent of Banco Itaú Chile 1. In August 2023 it announced the sale of all its shares in Banco Itaú Argentina, though it still serves Argentine corporate clients and wealthy individuals from other units 1.

On 31 October 2019 the bank agreed, through its payments unit Redecard, to acquire all of the software firm Zup in three phases 1. The first phase, in March 2020, gave it control 1.

The bank then took control of two firms in stages 1. It agreed in January 2022 to acquire Ideal and took 50.1 percent on 31 March 2023 for about BRL 650 million 1.

The second was Avenue, agreed in July 2022: 35 percent came on 30 November 2023 for about BRL 540 million, and 50.1 percent on 30 January 2026 1.

Retail Business revenue went from BRL 96.6 billion in 2023 to BRL 101.1 billion in 2024 and BRL 112.2 billion in 2025 1. Wholesale Business revenue rose from BRL 54.6 billion to BRL 62.6 billion over the same years 1.

In 2025 net income attributable to owners was BRL 44.9 billion, up 9.2 percent, and the return on average equity closed the year at 21.6 percent 1. The bank paid out BRL 33.7 billion in dividends and interest on capital, a payout of 72.0 percent 1.

Behind the rise, net interest income grew 8.5 percent and expected credit losses fell 10.8 percent 1. Non-interest income, which covers fees and similar earnings, fell 14.2 percent, so total operating revenue of BRL 167.8 billion was nearly flat on 2024 1.

Retail banking

Retail Business is the larger segment and made up 61 percent of the credit portfolio in 2025 1. It serves people and small firms with accounts, cards, loans, mortgages, insurance and investments, through three client tiers 1.

The Retail tier serves people earning up to R$7,000 a month, Uniclass those earning R$7,000 to R$15,000, and Personnalité those above R$15,000 a month or with investments above R$250,000 1. Personnalité is served by 246 branches 1.

Central Bank data put its share of loans to individuals at 10.7 percent on 31 December 2025, the largest of any privately owned bank 1. Its main rivals there are Caixa Econômica Federal, Banco do Brasil, Banco Bradesco and Banco Santander Brasil 1.

Itaú Empresas serves firms with annual revenue up to R$50 million, over 1.6 million customers, and has been the market leader for four years, the annual report says 1.

Cards and payments

The bank leads Brazilian credit cards with 24 percent of purchase volume in the fourth quarter of 2025, according to the card association ABECS 1. Account-holder card volume grew 16 percent in 2025 1.

Through Redecard, which handles payments for shops, it processed BRL 1,025.4 billion of card transactions in 2025, up 11.7 percent 1. Credit cards were BRL 727.7 billion of that 1.

Insurance, pensions and consórcios

The bank owns 30.7 percent of the insurer Porto Seguro and was the fourth-largest insurance provider in Brazil in 2025, with an 8.5 percent share excluding VGBL, a pension-style policy 1. Insurance sales rose 7.5 percent 1.

In premium bonds, savings products with prize draws, it ranked fourth on 31 December 2025 with an 11.1 percent share 1. Consórcio group-purchase sales reached R$37 billion in 2025, and the bank earned 7.4 percent of fees in that market 1.

Its microcredit book to small entrepreneurs was R$1.5 billion in 2025, with more than 324.4 thousand active clients 1.

Wholesale, Itaú BBA and asset management

Wholesale Business serves large and mid-sized companies through Itaú BBA, the investment bank, plus private banking and units abroad 1. On 31 December 2025 Itaú BBA was the second-largest investment bank in equity deals and first in merger advice by number of deals in Brazil 1.

Itaú Asset Management ran R$1,236 billion on 31 December 2025, an 11.5 percent share of Brazil's R$10,753 billion industry, and also controls the alternatives manager Kinea 1.

Latin America

Outside Brazil the largest unit is Banco Itaú Chile, which serves Chile and Colombia, and the bank also operates in Uruguay and Paraguay 1. Employees abroad numbered 9,777 on 31 December 2025 1.

On 12 December 2025 it agreed to transfer its retail business in Colombia and Panama to Banco de Bogotá 1. Capital Aberto reported that the Colombia transfer was completed on 31 July 4.

Artificial intelligence

In the second quarter of 2026 the bank launched ia.i, an assistant in its SuperApp that mixes artificial intelligence, advisory and human help, and the chief executive called it a proprietary AI 3. The NeoSpace deal is meant to deepen that work 2.

People and offices

Milton Maluhy Filho has been chief executive since 2021, and Gabriel Amado de Moura has been chief financial officer since October 2024 1. Pedro Moreira Salles has been non-executive co-chairman of the board since 2017 1.

The bank had 92,470 employees on 31 December 2025, down from 96,219 a year earlier 1. It owns about 39 percent of its branches and leases about 61 percent 1.

Rivals and current pressures

The annual report names Banco Bradesco, Banco Santander Brasil and Banco do Brasil as rivals in insurance and premium bonds, and BTG Pactual, XP and JP Morgan among rivals in investment banking 1.

In the second quarter commissions and fees and insurance results grew only 0.4 percent, as payments earned less after a commercial change to service package fees 3. Capital Aberto added that Colombia may still bring extraordinary expenses before year end 4.

The umbrella, in words

Main brands: Itaú for banking, Uniclass and Personnalité for higher incomes, Itaú Empresas for small firms, Rede for merchant payments, Itaú BBA for investment banking, and Itaú Asset Management and Kinea for funds 1.

Subsidiaries named in the annual report include Banco Itaú Chile, owned 67.42 percent, and Avenue, owned 50.1 percent since 30 January 2026 1. It also controls Ideal with 50.1 percent, from the first phase closed on 31 March 2023 1.

The 2025 annual report lists a 30.7 percent stake in the insurer Porto Seguro 1. Agreed but not closed is the R$786 million purchase of the remaining stakes in FIC and Investcred from GPA and others 1.

Capital Aberto reported that Itaú agreed to take 35 percent of the asset manager Prisma Capital through non-voting preferred shares, with the founders keeping all voting shares and no price disclosed 7.

Capital Aberto reported that the Eneva III investment came on 15 October and that Eneva may repurchase the shares between 2031 and 2032 4.

The annual report lists offices at ten addresses totaling 507,404 square meters, mainly in São Paulo and Rio de Janeiro, including the head office and data processing center 1.

Control sits with IUPAR, which owned 51.71 percent of common shares and 26.35 percent of all share capital on 31 December 2025 1. Itaúsa owned 39.21 percent of common shares and 19.98 percent of the total on that date 1.

IUPAR is jointly controlled by Itaúsa, controlled by the Egydio de Souza Aranha family, and by a Johnston holding company, controlled by the Moreira Salles family 1. Foreign investors may own at most 30 percent of common shares 1.

Other holders of at least 5 percent of a class on 31 December 2025 were BlackRock with 7.33 percent of preferred shares and GQG Partners with 5.08 percent 1.

The bank now projects 2026 growth of 2.0 to 5.0 percent in commissions, fees and insurance results, down from an earlier 5 to 9 percent 36.

Itaú said the other lines of its 2026 guidance were unchanged 3. Capital Aberto reported that it publishes third-quarter results on 3 November 4.

The NeoSpace purchase closes only after CADE and the Central Bank approve it, and its price is paid over five years 2. Capital Aberto reported that NeoSpace is to end contracts with other clients after approval 4.

The Prisma Capital stake needs approval from the Central Bank, Capital Aberto reported 7.

The purchase of the remaining stakes in FIC and Investcred for R$786 million was cleared by CADE on 5 January 2026, and closing still needs the Central Bank 1. The bank intends to own 100 percent of each 1.

The annual report says the bank may exercise a call option for the remaining 49.9 percent of Ideal five years after March 2023, and for the rest of Avenue five years after November 2023 1.

Capital Aberto reported that the chief executive, Milton Maluhy Filho, called the NeoSpace purchase a bet to place the bank among the institutions that define the next chapter of the global financial industry 4.

Capital Aberto reported that Eneva may repurchase the bank's shares in Eneva III between 2031 and 2032, and that the Colombia exit may still bring extraordinary expenses before the end of this year 4.

The annual report says the bank intends to move Itaú Empresas toward a more digital, personalized and scalable model powered by artificial intelligence 1.

It also describes an AI First strategy in which ia.i, launched in the second quarter of 2026 inside the SuperApp, is a step toward more personalized and efficient financial services 3.