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Economy

Itaú Unibanco receives preliminary authorization to have a multiple bank in the USA

Facade of Itaú unit in São Paulo Reuters/Amanda Perobelli Itaú Unibanco announced this Monday (17) that it has received preliminary authorization to create a bank with a national license in the United States, to be called Itaú Bank. In a...

By 365 Breaking News Editorial Team 2 min read
Itaú Unibanco receives preliminary authorization to have a multiple bank in the USA
365 Summary

The company highlighted that the approval is an important stage for the establishment of Itaú Bank, but "it does not represent final authorization to begin its activities". "The opening of Itaú Bank will remain subject to compliance with applicable regulatory and operational conditions, as well as obtaining the necessary approvals from other competent...

  • Among the authorities that will analyze Itaú's request are the Federal Reserve Board, the American body equivalent to the Central Bank, and the Federal Deposit Insurance Corporation, an...
  • The largest private bank in Brazil, Itaú has operated in the USA since 1979 and says that the creation of Itaú Bank is in line with the strategy of "expanding its capacity to serve...

Editorial reading aid based only on information contained in this story and its identified source.

Facade of Itaú unit in São Paulo Reuters/Amanda Perobelli Itaú Unibanco announced this Monday (17) that it has received preliminary authorization to create a bank with a national license in the United States, to be called Itaú Bank. In a statement to the market, the bank stated that the license was issued by the Office of the Comptroller of the Currency (OCC), the body responsible for supervising banks in the USA. The company highlighted that the approval is an important stage for the establishment of Itaú Bank, but "it does not represent final authorization to begin its activities". "The opening of Itaú Bank will remain subject to compliance with applicable regulatory and operational conditions, as well as obtaining the necessary approvals from other competent authorities," said the bank.

Among the authorities that will analyze Itaú's request are the Federal Reserve Board, the American body equivalent to the Central Bank, and the Federal Deposit Insurance Corporation, an independent agency responsible for protecting bank account holders. The largest private bank in Brazil, Itaú has operated in the USA since 1979 and says that the creation of Itaú Bank is in line with the strategy of "expanding its capacity to serve customers in the United States" and offering "a more comprehensive offer of financial products and services in that market".