Banco Itaú

Banco Itaú S.A.

Former type	Subsidiary
Industry	Finance and insurance
Founded	1945
Defunct	2008
Headquarters	São Paulo, Brazil
Key people	Roberto Setubal (CEO)
Products	Banking
Revenue	US$ 32.9 Billion (2007)
Net income	US$ 5.2 Billion (2007)
Total assets	US$ 208.5 Billion (2007)
Number of employees	60,000 (2007)
Parent	Itaú Unibanco
Website	www.itau.com.br

Banco Itaú was a former Brazilian bank that merged with Unibanco on November 4, 2008, to form Itaú Unibanco.

Banco Itaú began in 1945 under the name Banco Central de Crédito (Central Bank of Credit) and later changed its name to Banco Federal de Crédito (Federal Bank of Credit). In 1964, Banco Federal Itaú S.A. merged Banco Federal de Crédito and Banco Itaú, a rural bank belonging to a group originated in Itaú de Minas, in Minas Gerais countryside. Later that decade, Banco Itaú acquired Banco Sul Americano (1966) and Banco da América (1969).

In the 1970s, it merged with Banco Aliança in Rio de Janeiro (1973), Banco Português do Brasil (1974), and Banco União Comercial (1974). In 1979, it opened its first operations abroad with a representative office in New York City and a subsidiary in Buenos Aires.

In the 1980s, it acquired only one small bank, Banco Pinto de Magalhães (1985). Still, this enabled it to continue growing while other Brazilian banks were getting smaller. In 1984, it converted its representative office in New York to a branch.

In the 1990s, it acquired BFB (Banco Francês e Brasileiro) (1995) from Credit Lyonnais, and also several privatized former state banks:

During the 1990s, Itaú invested heavily in automation, including ATMs and machines installed on customers' premises. At the same time, it cut its staff by more than 50%.

In 1994, it expanded its international operations by founding Banco Itaú Europa, Itaú Argentina, and Itaú Bank (Cayman). In 1997, it acquired Bamerindus Luxembourg, which is now Banco Itaú Europa Luxembourg. When it acquired Banco del Buen Ayre in Argentina in 1998, it subsequently incorporated it into Itaú Argentina, now known as Itaú Buen Ayre.

Banco Itaú has also established a number of alliances. In 1996, it and Bankers Trust, New York, created Itaú Bankers Trust Banco de Investimento, the present Itauvest Banco de Investimento. Itaú also has an important stake in Banco BPI, one of Portugal's largest banks. In 2002, Banco Itaú joined with Banco BBA-Creditanstalt S.A. (BBA) to create, in 2003, Banco Itaú-BBA, the largest wholesale bank in Brazil.