ITUB - Itau Unibanco Holding S.A.

UPDATE 1-Brazil's Itau Unibanco looks to keep costs down, compete with fintechs

Brazil’s largest private lender, Itau Unibanco Holding SA is keeping costs under control to compete with financial technology companies, executives told investors in a conference on Tuesday. The bank's Chief Financial Officer Milton Maluhy said adherence to an employee buyout program, for which 7,000 employees are eligible, was higher than expected, without giving a precise figure. Itau Co-Chairman Roberto Setubal said the bank is prepared to adapt to stronger competition from financial technology companies, or fintechs.

Brazil's Itau focuses on growing payment app, less on card processing

Brazilian lender Itau Unibanco Holding SA is shifting its payment services strategy to focus on its most profitable segments, a senior executive told Reuters, as competition in the card processing business has weighed on fees. "We don't want to focus on card processing for our larger clients.

EMERGING MARKETS-Latam markets hit by trade, Fed jitters

Shares in Brazil's Banco Inter surge as it lures SoftBank

Shares in Banco Inter SA surged more than 20% on Tuesday as the Brazilian online lender raised 1.25 billion reais ($329.73 million) in an offering largely sold to Japan's SoftBank Group Corp, boosting pressure on traditional banks. Shares in Brazil's largest lenders, such as Itau Unibanco Holding SA and Banco Bradesco SA, were down more than 1% in the morning trading, in a move some traders linked to investors migrating to Banco Inter. "There is a fear among investors that fintechs will take on traditional banks and reduce their net interest income margins," said Guilherme Foureaux, a portfolio manager at Paineiras Investimentos.

Brazil's Itau Unibanco loses market share in less profitable segments -CEO

Brazil's Itau Unibanco CFO sees loan book growing close to 8%

UPDATE 2-Brazil's Itau Unibanco launches voluntary severance program

Brazil's largest lender, Itaú Unibanco Holding SA, said on Monday it has closed nearly 200 brick-and-mortar branches and was launching a voluntary severance program to slash costs amid rising competition. Itau said in a securities filing that it will offer buyouts to some employees aiming to "adjust the company’s structures to the reality of the market," but did not disclose the number of reductions targeted. In May, Itaú said it would tighten its belt to compensate for fiercer competition, especially in the card-processing business.

Fintechs at the gate: online brokers target affluent Brazilians

Backed by investors such as China's Fosun International Ltd and private equity firms General Atlantic LLC, Advent International and Warburg Pincus LLC, the newcomers have already lured more than 10% of the 2.98 trillion reais ($736 billion) invested by Brazilians in local mutual funds, stocks and bonds.

UPDATE 1-Brazil's IMC merges with Pizza Hut, KFC master franchiser in Brazil

Brazilian restaurant operator International Meal Company Alimentacao SA has reached an agreement to merge with the master franchiser of Pizza Hut and KFC in Brazil as the companies seek cost savings in logistics and procurement. According to a securities filing on Friday, the Martins Family, which controls the master franchiser MultiQSR, will receive some 29.3 million common shares issued by IMC and hold a 15% stake in that company. MultiQSR operates 187 units of Pizza Hut and 62 units of KFC in Brazil as proprietary and sub-franchised restaurants.

UPDATE 2-Shareholders in Brazilian reinsurer IRB raise $2 bln in offering

Brazil's Itaú Unibanco looks for new niches to expand wholesale unit

Brazil's largest private-sector lender Itau Unibanco Holding SA plans to expand its commercial banking unit into business niches such as technology and seek smaller clients in agribusiness, an executive said on Thursday. Itau's push to draw clients comes as loans to large companies have shrunk amid the country's sluggish economic recovery. The bank intends to expand services for rural producers, betting that all-time low benchmark interest rates and government cuts in subsidies will leave room for more private-sector credit and other financial products.

MOVES-Brazil's Itaú taps Andre Gailey as CEO of Paraguayan bank

Brazil's largest private-sector bank Itaú Unibanco Holding SA has named André Gailey as the new chief executive of its bank in Paraguay, replacing Viviana Varas, according to a statement on Wednesday. Gailey has been working for Itaú Unibanco for the last 20 years and currently holds the position of commercial banking director at Itaú BBA, the bank's wholesale unit. The new CEO will report to Cesar Blaquier, chief executive of Itaú Argentina and head of Itaú operations in Argentina, Paraguay and Uruguay.

Brazil jeweler Vivara hires advisors for initial public offering -sources

Brazilian jeweler Vivara has hired advisors for an initial public offering, two sources with knowledge of the matter said on Thursday. The sources, who requested anonymity due to the private nature of the talks, said Vivara has hired the investment banking units of Bank of America Corp and Itau Unibanco Holding SA to manage the transaction, as well as broker XP Investimentos. Vivara aims to use the proceeds to expand its stores network.