Itaú Unibanco Holding Stock

Itaú Unibanco Holding S.A. offers a wide variety of financial products and services.

The company provides a diversified range of banking and nonbanking financial services and products to a diverse client base that includes individuals and corporate clients in three business segments: Retail Business, Wholesale Business, and Activities with the Market and Corporations.

The Retail Business segment offers services to a diversified client base of individuals, microenterprises and small companies in Brazil. The company’s offering of products and services in this segment includes personal loans, credit cards, payroll deducted loans, vehicle financing, mortgage loans, insurance, pension plan and premium bond products, and acquiring services, among other products and services. The Retail Business segment represents an important funding source for the company’s operations and generates significant financial income and banking fees.

The Wholesale Business segment offers services and products to the company’s private banking clients, which are individuals with investments over R$5.0 million and is responsible for the activities of the company’s Latin America units, middle-market banking business, asset management, capital market solutions, corporate and investment banking activities carried out by the company’s subsidiary, Banco Itaú BBA S.A. (Itaú BBA). The company’s Wholesale Business management model is based on building close relationships with the company’s clients by obtaining an in-depth understanding of the company’s clients’ needs and offering customized solutions. Corporate activities include providing banking services to large corporations and investment banking activities include offering source of funds to the corporate sector, including fixed and variable income instruments.

The Activities with the Market and Corporations Business segment manages interest income associated with the company’s capital surplus, subordinated debt surplus and the net balance of tax credits and debits. This business segment also manages net interest income from the trading of financial instruments through proprietary positions, currency interest rate gaps and other risk exposures, arbitrage opportunities in the foreign and Brazilian markets, and mark-to-market of financial instruments. It also includes the company’s interest in Porto Seguro S.A., which is the third largest Brazilian insurance company in Brazil.

Moreover, the company carries out a wide range of operations outside of Brazil with units strategically located in the Americas, Europe, and Asia. The company’s international presence generates synergies in foreign trade finance, placement of Eurobonds and offering of more sophisticated financial transactions to the company’s clients.

Retail Business segment

The Retail Business segment is one of the company’s core businesses, through which the company offers a dedicated service structure to consumer clients throughout Brazil and a large and diversified portfolio of products and services to address the company’s clients’ needs, such as credit products, mortgage, investments, insurance, payments, and other banking services.

The company’s Retail Business segment is responsible for more than 63% of the company’s annual revenue (63.4% for the year ended December 31, 2022), that is mostly generated by banking products, such as loans, credit cards, overdraft, investments, and securities.

The company’s Retail Business (individuals)

The company’s Retail Business segment is divided in different segments according to the customer profile, allowing the company to better understand each one of its customers, either individuals or small companies; and to be a partner in their financial life, providing services and products to meet the company’s clients’ demands.

Itaú and Itaú Uniclass (banking services and products for low and medium-income individuals)

The Itaú Retail Business segment serves individuals with a monthly income of up to R$4,000, while Itaú Uniclass is available at the company’s branches and digital channels for clients who earn more than R$4,000 and less than R$15,000 per month. The company offers exclusive services to Itaú Uniclass’ clients, including investment advisory services, exclusive tellers, higher credit limits and a team of dedicated relationship managers, who are certified by the Brazilian Association of Financial and Capital Market Institutions (Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais), or ANBIMA, and are trained and skilled to offer an appropriate solution for each customer. Itaú Uniclass also provides a ‘digital bank platform’ where relationship managers service clients through telephone, e-mail, SMS, videoconference, chat and even WhatsApp from 9 a.m. to 6 p.m. on business days, at no additional cost.

Through the company’s Phygital and Omnichannel approaches, the company has been able to implement its ‘Online to Offline’, or O2O capabilities, a two-way flow between the digital and the physical worlds, generating leads and sales, and increasing consumer satisfaction.

Itaú Personnalite (banking services and products for high-income individuals)

The company began providing customized services to high-income individuals in 1996 with the creation of the Itaú Personnalite segment, which serves individuals who earn more than R$15,000 per month or have investments over R$250,000.

Itaú Personnalite focuses on providing financial advisory services by managers who understand the specific needs of the company’s higher-income clients, a large portfolio of exclusive products and services and special benefits based on the type and length of relationship with the client, including discounts on various products and services. Itaú Personnalite services its clients through a dedicated network of branches, located in the main Brazilian cities. Itaú Personnalite clients also have access to the company’s retail business network of branches and ATMs throughout the country and can also access the company’s internet, telephone and mobile banking.

Itaú Personnalite also provides a ‘digital bank platform’ where relationship managers service clients through telephone, email, SMS, WhatsApp, and videoconference. The company also developed apps for smartphones and tablets that enable the company’s clients to make investments, buy products such as credit and insurance, make check deposits, wire transfers and payments, check account balances and find nearby branches and ATMs using GPS features.

The company’s main competitors are Caixa Economica Federal, Banco do Brasil, Banco Bradesco and Banco Santander (Brasil).

Itaú Empresas (small and medium companies)

To meet and fulfill the needs of the company’s corporate customers, the company specializes in offering customized solutions and detailed advice on all products and services for small and medium companies with annual revenues between R$0.2 and R$50 million:

Small Businesses: Served by 2,522 bank branches, 2,293 relationship managers and 533 managers focused on acquiring new customers as of December 31, 2022; and

Medium Businesses: Served by 241 bank branches, 1,410 relationship managers and 77 managers focused on acquiring new customers as of December 31, 2022.

The company’s focus is delivering full banking solutions, also providing the best experiences and advisory for important decisions to the company’s clients.

Products and Services

The company’s main products and services to the Retail Business segment are credit cards, payroll deducted loans, mortgage, merchant acquisition, private pension plans, vehicle financing, insurance, premium bonds, consórcios products, microcredit, and public sector group.

Credit Cards

The company is the leader in the Brazilian credit card segment with a market share in terms of purchase volume of 28.9% in the fourth quarter of 2022. Revenues from the company’s credit card operations are mostly generated through the interest rate the company charges on revolving and financing transactions and also from annual fees and other service fees.

The relationship with the company’s clients is carried out through its proprietary segments and partnerships with major retailers, telephone and tech companies, automakers and airlines established in Brazil. The company’s credit card operations are divided into three main business segmentations: Account Holders, Non-Account Holders and Retail Partnerships. The company offers a wide range of credit and debit cards to account and non-account holders. The company’s credit card division is dedicated to developing the best payment solutions for the company’s clients, new products and new digital services, while managing the credit quality of the company’s portfolio. The company developed the virtual card to bring convenience and safety to online purchases with credit cards.

Account Holder Credit Cards

The Account Holders segment of the company’s credit card operations (which relates to cardholders which have accounts at Itaú) increased the company’s total accounts by 16% in 2022, as a result of the company’s continuous focus on redesigning the company’s products and focusing on the company’s clients’ needs. For instance, the company launched two versions of the Mastercard Black Personnalite, one of the company’s premium credit cards, one with no annual fee and the other offering cashback in all purchases made with the credit card. The company has also launched the Itaú Personnalite The One credit card for the company’s affluent customers (higher-income clients). The company offers reduced or no annual fees in the Uniclass segment, also focusing on the strategy of increasing sales products with different versions and reaching different customer profiles.

Non-Account Holder Credit Cards

In the Non-Account Holders segment, the company focused on increasing the participation of higher-income and lower-risk clients in the company’s credit card portfolio. In addition, with the purpose of attracting younger customers, the company has also launched Player’s Bank by Itaú, a payment, digital account, and credit card solution focused on gamers, and hired the main influencers and companies in the gaming sector to market the platform. Player’s Bank has received more than two million user requests for a new credit card account (73% of whom had never had a relationship with Itaú).

Airline Cobranded Credit Card

In the company’s airline cobranded cards segment, the purchase volume increased by 40% in 2022. In this specific portfolio, the purchase volume of the company’s higher-income clients (holders of Platinum, Black and Infinite credit cards) increased by 50% during the same period.

Retail Partnerships Credit Cards

The company has partnerships with the main national retail brands, such as Magazine Luiza, Ponto Frio, Pão de Açúcar, Assaí, Extra and Big Group. In respect of the company’s partnership with Magazine Luiza, the company focused on improving its clients access to financial products and launched personal loans in the Magalu Pay app and enabled payroll loans and FGTS withdrawals or ‘saque FGTS, in Magazine Luiza’s stores.

The company’s traditional competitors in the credit card segment are Banco Bradesco, Banco Santander (Brasil), Banco do Brasil and Caixa EconÔmica Federal.

Payroll Deducted Loans

The company mainly offers payroll deducted loans in Brazil through two sales channels: the company’s branch network and digital channels, which focus on account holders, and the network of acquisition partners, which focuses on non-account holders. This strategy enables the company to expand the company’s business activities with historically lower credit risk and achieve a competitive position in the offer, distribution, and sale of payroll deducted loans in Brazil. Moreover, it improves the risk profile of the company’s loan portfolio for individual borrowers.

The company’s main competitors in this business are Banco do Brasil, Caixa EconÔmica Federal, Banco Bradesco and Banco Santander (Brasil).

Mortgage Loans

Real estate financing products, such as mortgage loans, allow the company to create long-lasting relationships with the company’s clients. Revenue from the company’s mortgage loans operations is mostly generated by origination fees, yield spread premiums, discount points, closing costs, mortgage-backed securities, and loan servicing. Since 2008, the company has been the market leaders among Brazilian private banks in mortgage loans to individuals in terms of the total value of the company’s portfolio. This is in line with the company’s strategy to migrate to lower-risk portfolios. The company offers mortgage products through the following sales channels: the company’s branch network and digital channels, construction and development companies, which are authorized to offer the company’s products, mortgage agencies, and strategic partnerships with specialized mortgage companies, such as CrediPronto, Loft, Quinto Andar, Credimorar, HTD and others. The company’s real estate financing services are tailored to the company’s clients’ needs, and the company also provides a specialized mortgage financing advisor to support them during the process. Moreover, the company’s mortgage simulator is included in the websites of partner real estate development companies and real estate agencies, placing the company’s brand closer to clients when they are looking to acquire real property. In 2022, the company entered into 94 thousand mortgage agreements with individuals. With respect to commercial loans, which are debt-based funding arrangements between a business and a financial institution, such as the company, it financed 168 new real estate units during 2022.

The company’s main competitors in this segment are Caixa EconÔmica Federal, Banco Bradesco, Banco Santander (Brasil), and Banco do Brasil.

Merchant Acquiring

The company, through its subsidiary, Redecard Instituição de Pagamento S.A., or Rede, also acts in the merchant acquiring business. Rede is one of the leading companies in the electronic payment solutions industry in Brazil. It is a multi-brand merchant acquirer of credit, debit, and benefit cards. Rede’s activities include merchant acquiring, capturing, transmission, processing and settlement of credit and debit card transactions, prepayment of receivables to merchants (resulting from credit card transactions), rental of point-of-sale terminals, e-commerce solutions, e-wallet and check verification through points of sale terminals. Revenue from the company’s merchant acquirer operations mostly consists of merchant discount rates charged to merchants based on the value of the transactions processed and costs related to these activities, such as equipment maintenance, processing handling, among others.

The company’s traditional competitors in this business are Cielo and GetNet.

Private Pension Plans

The company offers private pension plans to the company’s clients for wealth and inheritance planning purposes. These plans are also beneficial to the company’s clients for income tax purposes as these products are tax-deferred. The company provides its clients with a solution to ensure the maintenance of their quality of life through long-term investments, as a supplement to government general social security system plans. Revenue from the company’s private pension plans operations is mostly generated by management fees.

Product innovation has been important for the sustainable growth of the company’s private sector pension operations. For instance, the company offers specialized advice and develop customized solutions to the company’s corporate clients and establish long-term partnerships with them, as well as a close relationship with their human resources departments. The company also adopts an internal communication strategy focused on the company’s employee’s financial education.

The company’s main competitors in private pension plan products are controlled by large commercial banks, such as Banco Bradesco and Banco do Brasil.

Vehicle Financing

The company offers its clients who are individuals and car dealers different products through sales channels in vehicle financing. Revenue from the company’s vehicle financing operations is mostly generated by interest rates from consumer credit arrangements.

To strengthen the company’s relationship with car dealers, the company developed the Speed Program, which is a loyalty program for car dealership, and Floorplan, which is a line of credit for dealers to purchase new and used vehicles for their inventory.

The company provides a 100% digital vehicle financing through Credline, which is a tool that retailers use to submit proposals to Itaú Unibanco, protected by facial biometric assessment, electronic signatures and that enables customers to easily submit paperwork for a vehicle financing.

The company adapted the Credline tool so that Itaú Unibanco account holders may finance their vehicles in both the company’s physical and digital branches through a simple and fast process that does not require any physical documentation or bureaucracy.

The company also developed an end-to-end digital financing process in the company’s app, through which Itaú Unibanco account holders may carry out the entire process of simulation, credit approval, formalization and contracting of a vehicle financing, with electronic signature security and facial biometric assessment, without the need of physical documents.

The company’s main bank competitors in this business are Banco Santander (Brasil), Banco BV and Banco Bradesco.

Insurance

The company, through its subsidiaries Itaú Seguros S.A., Itaú Vida e Previdência S.A., and Itaú Corretora de Seguros S.A., provides a wide range of insurance products, including life and personal accident insurance, property insurance, credit life insurance and travel insurance. In addition, the company’s subsidiary Itauseg Saúde S.A. offered a health insurance plan, which is no longer available to the company’s customers. The company also has a 30% stake in Porto Seguro S.A, one of the largest insurance companies in Brazil. Revenue from the company’s insurance operations is mostly generated by premiums paid by customers, commissions received for distributing insurance from partner insurers and financial income.

The company’s insurance products are offered in synergy with the Retail Business and the Wholesale Business segments.

The company has been improving its insurance products in terms of coverage and assistance. As a result, the company sells its insurance products through the company’s own physical and digital distribution channels, and the company also acts as insurance brokers and provide third-party insurance policies to the company’s clients through a platform where customers have the possibility to contract the insurance that best suits them, either from Itaú Unibanco or from a partner insurance company.

The company’s main competitors are controlled by or have partnerships with large commercial banks, such as Banco Bradesco, Banco Santander (Brasil) and Banco do Brasil, which, like the company, take advantage of their branch network to gain access to the clients.

Premium Bonds (títulos de capitalização, or capitalization plans)

The company, through its subsidiary Cia. Itaú de Capitalização S.A., markets its premium bonds products portfolio through the company’s branch network, digital channels, and ATMs.

The company’s main competitors in premium bonds are controlled by or have partnerships with large commercial banks, such as Banco Bradesco, Banco do Brasil and Banco Santander (Brasil), which, like the company, take advantage of their branch network to gain access to the retail market.

Consórcio Products

Consórcio is a collaborative finance product, where a group of individuals or/and legal entities participate in a group, formed with the purpose of allowing the members of the group to, on equal terms, acquire certain assets, such as vehicles, properties or services, through self-financing.

Revenues from the company’s consórcio product operations are mostly generated by a management fee charged to manage resources, ensure the financial health of the groups and dynamics of bidding and use of credit after contemplation. The financial calculation for the formation of the groups guarantees that everyone will have the right to buy the goods until the end of the group.

The company’s main competitors from the financial services under in the Brazilian consórcio market are Bradesco Consortium and BB Consortium.

Microcredit

The company offers lines of credit to small, formal businesses registered with government authorities, individual and self-employed entrepreneurs as well as to small companies to start, expand and leverage their businesses. The credit is granted by trained sales specialists, who discuss customers’ financial situation and understand their business needs, providing information that helps them to improve their financial management. The company is a member of the ‘National Program for Oriented and Productive Microcredit’, or PNMPO.

The company’s microcredit segment is focused on entrepreneurs and small companies with annual revenues of up to R$360 thousand. The company’s microcredit products are integrated with the company’s app, where its customers receive credit, manage their loans, and also gain access to other financial features, such as payments, transfers and credit cards. The company’s microcredit products are a tool for social development in Brazil. In 2022, the company also gained market share in the northeast region of Brazil.

Public Sector Group

The Public Sector Group is tasked with client coverage and business development efforts for Brazil’s Federal, State and Municipal branches of government, as well as select State Owned Enterprises. The segment´s value proposition entails providing financial services and products to government related entities from its regional offices across Brazil by a team of professionals proficient in the specifics of government banking. A comprehensive product portfolio, including Transaction Services, Asset Management, Foreign Exchange, Payroll Services, Payment Solutions and select Credit Products aims to provide an encompassing Full Bank Experience to the company’s clientele. As of December 31, 2022, the Public Sector Group was responsible for managing 7,900+ relationships in Brazil.

Wholesale Business

The company’s Wholesale Business segment offers a wide range of products and services to middle-market, agribusiness, large and ultra-large companies, which are companies with annual revenues equal or greater than R$50 million through the following divisions: investment banking, through Itaú BBA, asset management, mostly through Itaú Asset Management, investment services, private banking, through Itaú Private Bank, and securities brokerage services through Itaú Corretora de Valores S.A, or Itaú Corretora.

The company’s Wholesale Business segment offers a wide range of products and services to the largest economic group of Brazil. The company’s activities in this business segment range from typical operations of a commercial bank to capital markets operations and advisory services for mergers and acquisitions.

Revenue from the company’s Wholesale Business segment is mostly generated by banking services and bank charges, such as credit financing, cash management, investment banking, FX and Derivatives.

One of the main strategies of the company’s Wholesale Business segment is to improve efficiency in the company’s operations and increasing the company’s revenues. Some of the company’s initiative towards this goal includes agribusiness segment expansion; exclusive service for technology sector companies and middle market expansion.

Investment Banking

The company’s investment banking business is carried out by the company’s subsidiary Itaú BBA and assists companies to raise capital through fixed income and equity instruments and provides advisory services in mergers and acquisitions operations. Through a highly qualified team the company supports most of the largest companies in Brazil, and the company’s Investment Banking team is also present in Latin America and in the Northern Hemisphere, providing support and advisory services to many conglomerates worldwide.

Revenue from the company’s investment banking operations is mostly generated by banking fees on large and complex financial transactions, such as M&A advisory fees, and structuring and distributing fees from debt capital markets, or DCM and equity capital markets, or ECM, deals.

In the investment banking division, Itau BBA’s main competitors include Santander, Credit Suisse (Brazil) S.A., Merrill Lynch S.A. (Brazil), Morgan Stanley S.A. (Brazil), JP Morgan S.A. (Brazil), Bradesco BBI and BTG Pactual S.A.

Asset Management

The company offers asset management services through its subsidiary, Itaú Asset Management, which has more than 60 years of experience in investment management, and through Kinea Investimentos LTDA, an alternative investments management company controlled by the company. As of December 31, 2022, Itaú Asset Management was the largest non-governmental owned asset manager in Brazil in terms of assets under management, representing a market share of 11.3%. Revenue from the company’s asset management operations is mostly generated by administration fees and performance fees of the company’s products.

The company’s main competitors are Banco do Brasil, Banco Bradesco and Caixa EconÔmica Federal.

Investment Services

In the company’s investment services division, the company provides custody and fiduciary services for investment funds, custody and representation services for non resident investors, and corporate solutions where the company acts as transfer agent and stockholder servicer for Brazilian companies issuing equity, corporate bonds, promissory and bank credit notes in the Brazilian market. The company also works as guarantor on project financings, and agent on escrow accounts and financing agreements. Revenue from the company’s investment services division is mostly generated by basis points fees on the company’s assets under service and banking fees on corporate solutions.

The company provides the technological tools to each service on a daily basis and rely on compliance and contingency procedures to ensure a safe and reliable service to the company’s clients, so they can direct the focus on their business management. Nevertheless, the company continues to improve its technological platform and tools regarding securities services and investing in new solutions for the company’s clients.

The company’s primary clients in its investment services division are pension funds, insurance companies, asset managers, international global custodians and equity and debt issuers, representing approximately 1,154 corporate groups.

As of December 31, 2022, Itaú Unibanco (including Intrag Distribuidora de Titulos e Valores Mobiliarios Ltda., or Intrag, which offers investment services to third party asset management firms) was the second largest player in the Brazilian fiduciary services business. As of December 31, 2022, the company was the leader in the corporate solutions business, acting as agent and register provider to 230 companies listed on B3. Moreover, the company was the second largest transfer agent, with 443 debentures offerings in the Brazilian market.

As of December 31, 2022, the company was the second largest player in the Brazilian custody and fiduciary services business in term of total assets under custody in Brazilian reais.

As of December 31, 2022, the company was the leader in the corporate solutions business, acting as agent and register provider to 230 companies listed on B3, which represents 59.7% of companies listed on that stock exchange. Moreover, the company was the second largest transfer agent, with 443 debentures offerings in the Brazilian market, representing 25.2% of the debentures market in Brazil. The company’s main competitors are Banco Bradesco S.A. and Banco do Brasil S.A.

The company’s main competitors are Banco Citibank S.A., JP Morgan’s Securities Services and Banco Bradesco S.A. For the company’s corporate solutions business, the company’s main competitor in the equity market and debentures is Banco Bradesco S.A.

Itaú Private Bank

Itaú Private Bank offers customized banking, investment and wealth management services and products to high-net-worth individuals and companies. With a full global wealth management platform, the company is one of leaders in the private bank market in Brazil and one of the main private bank players in Latin America. The company’s multidisciplinary team, which is supported by a team of investment advisors and product experts, provides comprehensive financial services to clients, understanding and addressing their needs from the company’s eight offices in Brazil and in the company’s international offices located in Zurich and Miami. Revenue from the company’s private banking operations is mostly generated by fund management fees, pension funds, performance fees, exchange operations and brokerage.

In addition to the complete portfolio of products and services that Itaú Private Bank offers, the company’s clients have access to a wide-open platform from third party providers with alternative products.

Itaú Corretora (Securities Brokerage)

Itaú Corretora de Valores S.A, or Itaú Corretora has been providing securities brokerage services since 1965. The company provides retail brokerage services in Brazil to over 361 thousand clients with positions in the equity and fixed income markets. The brokerage services are also provided to international clients through the company’s broker-dealer in New York.

According to DATAWISE, a system affiliated with the B3, the company was the fifth provider of retail brokerage services in terms of by equity trading volume in 2022. The company’s main competitors in this division are XP Investimentos, Ágora Corretora de Títulos e Valores Mobiliários S.A., Rico Corretora de Títulos e Valores Mobiliários S.A., Nu Invest Título Corretora de Valores S.A., BTG Pactual Corretora de Títulos e Valores Mobiliários S.A., Bradesco S.A. Corretora de Títulos e Valores Mobiliários, Santander Corretora de Câmbio e Valores Mobiliários S.A. and Safra Corretora de Títulos e Valores Mobiliários S.A.

International Operations

Through the company’s internationalization strategy, the company seeks to understand different markets, business, products and services; and to identify opportunities to integrate the company’s units and to expand its operations to new countries. It is the company’s aim to achieve the same management quality and level of results the company has in Brazil in the other countries where the company operates.

Latin America is a priority in the company’s international expansion due to the geographic and cultural proximity to Brazil. The company’s intention is to be recognized as the ‘Latin American Bank’, becoming a reference in the region for all financial services provided to individuals and companies.

The company consolidated its presence in Argentina, Chile, Paraguay and Uruguay. In these countries, the company operates in the retail, small and middle-market companies, corporate and treasury segments, with commercial banking as the company’s main focus. As a result of the recent merger between Banco Itaú Chile and CorpBanca, which reinforced the company’s presence in Colombia and Panama, the company expanded its operations in the region even further. In Mexico, the company is present through an office dedicated to equity research activities.

As of December 31, 2022, the company had a network of branches, including digital branches, and client service branches in Latin America (excluding Brazil). In Paraguay, the company had non-bank correspondent locations, which are points of service with a simplified structure, strategically located in supermarkets to provide services to the company’s clients in that country. As of December 31, 2022, the company also had points of service through OCA S.A., the company’s credit card operator in Uruguay.

Banco Itaú Argentina

The company, through Banco Itaú Argentina, offers products and services in corporate banking, small and middle-market companies and retail banking. The company’s corporate banking business focuses on large and institutional clients, providing lending, structured finance, investment advisory and cash management services. The company’s small and middle-market operations provide credit for working capital and investments in production capacity increases. The company’s retail business focuses on middle and upper-income clients, and the services the company offers include current and savings accounts, personal loans and credit cards.

The company’s main competitors in Argentina are Banco Santander Río, Banco de Galicia y Buenos Aires, BBVA Banco Argentina, Banco Macro, HSBC, Industrial, Patagonia, Supervielle and Credicoop.

Banco Itaú Chile (formerly named Itaú CorpBanca)

Banco Itaú Chile provides a broad range of wholesale and retail banking services to customers in Chile and Colombia. In addition, it provides financial advisory services, mutual fund management, insurance brokerage and securities brokerage services through subsidiaries, and banking services through the New York Branch. It operates in two main geographic areas: Chile and Colombia. The Chile segment also includes operations carried out by Itau CorpBanca New York Branch and the Colombia segment also includes the operations carried out by Itau S.A. (Panama).

Business activities in Chile have been strategically aligned onto three areas directly related not only to the company’s medium term strategy but to customers’ needs: (1) Wholesale Business: (a) Corporate, b) Large companies and c) Real Estate); (2) Retail Banking (a) Itau Personal Bank, b) Itau, c) Itaú Private Bank, d) Midsize Companies, e) SMEs and f) Banco Condell, a Consumer Finance Division); and (3) Treasury. Itau CorpBanca Colombia provides a broad range of commercial and retail banking services to its customers in Colombia, operating principally in the cities of Bogotá, Medellín, Cali, Bucaramanga, Cartagena and Barranquilla.

The company’s main competitors are Banco Santander-Chile, Banco de Chile, Scotiabank Chile and Banco de Credito e Inversiones.

Banco Itaú Paraguay

Banco Itaú Paraguay offers a wide variety of products and financial solutions to serve the needs of different customers segments, such as small and middle market companies, agribusiness, large companies, institutions, and individuals.

The company’s main competitors in Paraguay are Banco Continental, Banco Regional, Sudameris and BBVA Paraguay.

Banco Itaú Uruguay

The company’s banking operations in Uruguay include Banco Itaú Uruguay, OCA (the largest credit card issuer in Uruguay, in accordance with data from the Central Bank of Uruguay) and the pension fund management company Unión Capital. The company’s strategy in Uruguay is to serve a broad range of clients through customized banking solutions.

The company’s retail business is focused on individuals and small companies. Retail products and services focus on the middle and upper-income segments, and also include current and savings accounts, payroll payment, self-service areas and ATMs in all branches, and phone and internet banking. The wholesale business division is focused on multinational companies, financial institutions, large and middle market companies and the public sector, providing lending, cash management, treasury, trade and investment services.

In 2019 Banco Itaú Uruguay opened its first digital branch enhancing its presence in Uruguay’s financial market.

In 2022, Itaú Unibanco further advanced in the Uruguayan market by acquiring 56% of Resonance Uruguay, a merchant acquirer as part of the company’s expansion in the payments solutions industry; 30% of Grupo Prex and Grupo Paigo, fintechs that are leaders in the market to improve the expansion in the digital bank market; and 100% of AFISA, an Uruguayan Asset Management.

The company’s main competitors in Uruguay are Banco Santander Uruguay, BBVA Uruguay and Scotiabank Uruguay.

Itau BBA International

The company’s banking activities carried out under the corporate structure of Itau BBA International are mainly focused on two business lines:

Corporate and Investment Banking: Through Itau BBA International, headquartered in the United Kingdom, and its subsidiary Itaú Europe, headquartered in Portugal, with a branch in Luxembourg and business platforms in Madrid, Spain, and Paris, France, this segment supports the financial needs of companies with international presence and operations, focusing on transactions related to financing and investment relationships between companies in Latin America and the Northern Hemisphere. The services offered include the origination of structured financing, hedging, trade financing and advisory to Latin American and U.S. companies undertaking business in the Northern Hemisphere and large economic groups investing into Latin America.

Private Banking: Under the corporate structure of Itau BBA International, the company manages private banking activities in Miami, United States, and Zurich, Switzerland, offering specialized financial and asset management services for Latin American clients with high net worth by providing a diversified and specialized basis of investment funds, trading and managing on their account securities and other financial instruments, as well as by managing trusts and investment companies on behalf of customers.

Other International Operations

The company has other international operations in the United States, Cayman Islands, and the Bahamas.

Through the company’s international operations, the company establishes and monitors trade-related lines of credit from foreign banks, maintain correspondent banking relationships with money centers and regional banks throughout the world and oversee the company’s other foreign currency-raising activities.

Distribution Channels

The company provides a wide range of financial services and products to the company’s clients, from commercial banking to asset management and investment banking services. Those products are distributed through two main channels: traditional and digital channels.

The company’s network of branches, which includes physical and digital branches, distributes all of products and services in Brazil.

The company also has its own ATMs and additional machines via partnership with Technologia Bancaria S.A., or Tecban, (as of December 31, 2022), which are a very convenient and efficient way of serving clients, due to its low operating costs, 24/7 availability and very complete services offering.

Clients who prefer to use digital channels, such as internet and mobile banking, are served remotely by the company’s relationship managers based on one of the company’s digital branches in Brazil.

Digital Channels (internet and mobile banking)

Digital channels are the company’s main distribution channels. The company’s digital channels consist of the digitalization of traditional banking products, as well as processes and activities to service customers.

In 2022, the company continued to invest in the company’s digital channels to ensure a positive customer experience. As a result, the company evolved in the use of data and experimentation, developing more than 700 activities in labs with the company’s customers, and investing more than 6,000 hours in discussions and interactions.

The company offers 100% of its product portfolio through the company’s digital channels. As of December 31, 2022, more than 22 million of the company’s customers had enabled itoken with facial recognition technology.

The company has also increased the customers access to its digital channels to 19 million customers per month, as of December 31, 2022 representing 74% of the bank’s active customers base in 2022.

Brand and Marketing Channels

The company’s brand proposition goes beyond the banking activities. The company’s brand purpose is to ‘stimulate people’s power to transform their lives.’ The company delivers that proposition by providing complete solutions in terms of products and services, through financial intelligence and an ecosystem of partnerships, fully attending the needs of the company’s customers, from individuals and micro companies to large organizations, providing the best customer experience both digitally and physically.

In 2022, the company reached over 337,519,610 views on the company’s YouTube channel and reached over 8.5 million followers on Facebook. In the same period, the company’s Twitter and Instagram profiles had over 681 thousand and 969 thousand followers, respectively.

Accordingly, the company launched its TikTok channel in 2021 which it has already more than 1,100,000 followers, which means the company has one of the most prominent bank profiles globally. The company’s commitment to approach and stay relevant for the younger generations is also based on a content strategy driven by the audience's key passion points. To ensure a real connection between youngsters and the bank, the company connects priority themes, such as games, music, and the creator economy with the financial life cycle of the target individual.

The company continues to monitor all of its social media profiles 24 hours a day, seven days a week. The company has 209 dedicated employees to interact with the public on all matters related to Itaú Unibanco Group in Brazil, including questions, suggestions, comments, and complaints. The company received 2,823,851 mentions on social media in 2022.

The company’s urban mobility platform, Bike Itaú, contributes to boosting the circulation of bicycles in cities. In 2021, the company expanded Bike Itaú by introducing electric bikes, with speed limited to 25 km/h, to the company’s bike fleet available for rentals. Bike Itaú has more than 1,700 bike stations and is present in seven cities in Brazil, as well as in Santiago (Chile), Buenos Aires (Argentina) and Bogota (Colombia).

History

The company was founded in 1924. It was incorporated in Brazil in 1924. The company was formerly known as Itaú Unibanco Banco Múltiplo S.A. and changed its name to Itaú Unibanco Holding S.A. in 2009.