|Bid||31.30 x 0|
|Ask||31.32 x 0|
|Day's Range||0.00 - 0.00|
|52 Week Range|
|Beta (3Y Monthly)||1.04|
|PE Ratio (TTM)||11.85|
|Forward Dividend & Yield||1.19 (3.75%)|
|1y Target Est||N/A|
Political instability in Latin America has hit Itaú Unibanco Holding SA's businesses in the region, Chief Executive Officer Candido Bracher said on Tuesday. Bracher told reporters that Brazil's largest private-sector lender slowed down the pace of new loan disbursements in Argentina earlier this year, as it foresaw instability steaming from presidential elections. After the presidential election of Alberto Fernandez, a Peronist, Itaú will consider the disclosure of his future policies to decide on its business strategy in the country.
Brazil's biggest private-sector lender Itau Unibanco Holding SA posted on Monday a 10.9% gain in third quarter recurring net income, as loan growth and cost control offset higher provisions. Recurring net income, which excludes one-time items, came in at 7.165 billion reais ($1.78 billion) in the third quarter, in line with a Refinitiv analysts' consensus estimate. The bank's loan book picked up pace, rising 4.4% from the previous quarter to 689 billion reais, as corporate loans resumed growth.
Brazilian antitrust agency Cade opened an investigation into the country's largest private-sector lender, Itau Unibanco Holding SA, and its card processor Rede for alleged anticompetitive practices, according to a statement on Friday. Cade said Itau should not be able to demand that merchants have a checking account in the bank as a condition to advance credit card payments to them. In April, Itau said it would pay merchants in two days with no interest rates, compared with the usual 30 days, in an unprecedented market move.
Brazilian antitrust agency Cade opened an investigation into the country's largest private-sector lender, Itau Unibanco Holding SA, and its card processor Rede for alleged anticompetitive practices, according to a statement on Friday. Cade said Itau should not be able to require merchants to have a checking account in the bank as a condition to advance credit card payments to them. In April, Itau said it would pay merchants in two days, compared with the usual 30 days.
Brazilian stocks surged Tuesday after the country's Senate approved major social security reforms. Trade Brazilian stocks using these ETFs.
(Bloomberg) -- Brazilian banks are beefing up their fixed-income departments, hanging up “Now Hiring” signs amid a rebound in debt sales across Latin America.Itau Unibanco Holding SA, Banco Santander SA, Bank of America Corp. and JPMorgan Chase & Co. are among the lenders vying for talent to structure debt deals as the region’s borrowers take advantage of low interest rates. Local bond sales are poised to hit a record in Brazil in 2019, while banks are gearing up for an increase in mergers and acquisitions and new investments next year that will fuel more sales.As the banks compete to hire new talent, they’re also poaching from rivals and rebuilding their ranks after departures.Banco Santander is building its operation and seeking to replace Marcos Andia who left the Brazilian unit of the Spanish bank where he was the executive director of debt capital markets. He had arrived in April from Banco ABC Brasil, quit in September and plans to start in a similar position at another bank, according to people familiar with his job move. A Santander executive said the bank will seek to continue to have the most workers dedicated to debt capital markets in Brazil. Santander’s press office didn’t reply to requests for comment.JPMorgan’s Brazil unit is adding bankers and searching for a replacement for Pedro Campos, a vice president who recently joined the debt capital markets team at Bank of America. Campos will be based in Sao Paulo where he will work on international bond origination and report to Maxim Volkov at Bank of America in New York. A representative for JPMorgan declined to comment.Itau Unibanco, Banco Bradesco SA and Banco Safra SA, some of the region’s largest banks, are also seeking new hires for their fixed-income departments, said people familiar with the job searches, who asked not to be identified as the plans aren’t public.Read more: JPMorgan Seeks a Piece of Brazil’s Flourishing Local Bond SalesItau, Latin America’s biggest bank by market capitalization, has hired Thiago Munhoz as its fixed income director and recently brought on Thales Gaspar to work in its secondary-market fixed income and sales trading department, people familiar with the hires said. Munhoz had spent seven years at Banco Bradesco and Gaspar was at Banco Santander for almost nine years, including the last six as its head credit trader.The Sao Paulo-based bank forecasts an increase in financing projects that will require people with experience in structuring deals. The bank has a few hundred mandates for mergers and acquisitions, including 30 worth more than $500 million. Those deals, which are both domestic and international, will need special financing structures that require veteran bankers that are increasingly hard to find in a region emerging from economic stagnation, according to the people with knowledge of the Itau hires and deal pipeline.Itau has been hit by departures as well. Felipe Colin, a member of the bank’s debt capital markets and structured credit department, left in April to help start Hub Capital, a fintech company based in Rio de Janeiro. Mariana de Oliveira, Itau’s Santiago-based asset manager, left the same month to join Moneda Asset Management SA as assistant portfolio management, people with knowledge of her move said. She now oversees the Brazilian portfolio of the Chilean bank that invests in Latin American debt and equity.A representative for Itau declined to comment.To contact the reporters on this story: Pablo Gonzalez in in São Paulo at email@example.com;Ezra Fieser in Bogota at firstname.lastname@example.orgTo contact the editors responsible for this story: Nikolaj Gammeltoft at email@example.com, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The 700+ hedge funds and famous money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the second quarter, which unveil their equity positions as of June 28. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund portfolios. Our extensive […]
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.
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.
Recent IPO stock StoneCo, which is backed by Warren Buffett, surged Tuesday after posting strong preliminary results and announcing a new partnership.
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 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.
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.