Tag: insurance
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Itaú to buy Citibank Brazil for US$ 220 million
Itaú has agreed to pay R$ 710 million (approximately US$ 220 million) for the retail operations of Citibank in Brazil. The transaction was announced this morning. Citi primarily serves high-income customers and has 315,000 account holders in the country. In the acquisition, Itaú acquired loan portfolio, credit cards, deposits, asset management, insurance brokerage and the…
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Itaú Unibanco: Largest Private-Controlled Bank in Latin America
Itaú is the second largest bank in Brazil. Only behind Banco do Brasil, which is a government-controlled bank, even though part of its equity is traded at Bovespa. We do not recommend exposure to government-controlled companies in Brazil so Itaú is the largest bank we cover in LATAM. Itaú Unibanco was formed as the merge…
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Investing in Bradesco: building on its presence
Bradesco is the third-largest bank in Brazil. Unlike in most developed countries where small banks and credit unions are always present, in Brazil, the bank industry has a well-established oligopoly, where the 4 major banks have around 70% of the market share together. This oligopoly along with the high switching-cost in the banking industry gives…
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Santander Brasil: Decent Investment with potential mid-term upside
Santander Brazil is the fourth-largest bank in the country. Unlike in most developed countries where small banks and credit unions are always present, in Brazil, the bank industry has a well-established oligopoly, where the 4 major banks have around 70% of the market share together. This oligopoly, along with the high switching-cost in the bank…