Banco Itaú history

In return, Bank of America took about a 6% stake in Banco Itaú. BankBoston do Brazil had been founded in 1947.

Over the course of its first decade-and-a-half in business, Banco Central de Crédito expanded to rank among Brazil's 75 largest banks, having more than 30 branch outlets and doubling its capital by 1953.

A 1969 merger with Banco da América catapulted the growing institution into Brazil's top ten, with nearly 275 branches and US $14.8 million in capital.

Acquisition of Credicard, which was jointly created in 1970 by Citibank, Itaú and Unibanco

A 1974 union with Banco União Comercial made it Brazil's second largest nongovernmental bank, with 561 branch locations throughout the country.

In 1984, it converted its representative office in New York to a branch.

Due in part to its acquisition of Banco Pinto de Mahalhãhes in 1985, Itaú bucked this trend for a brief period.

In an effort to combat inflation without slowing economic growth, Brazil's Sarney administration ratified the "Cruzado Plan" in 1986.

The institution forged a joint venture investment bank in Brazil with United States-based Bankers Trust New York Corp. in 1995 and purchased Banco Frances y Brasiliero from France's Credit Lyonnais for US $335 million that same year.

In 1996, it and Bankers Trust, New York, created Itaú Bankers Trust Banco de Investimento, the present Itauvest Banco de Investimento.

In 1997, Itaúsa merged its insurance company Itaú Seguros (Itaúseg) with Banco Itaú, thereby giving the banking subsidiary an eight percent share of the Brazilian insurance industry.

When it acquired Banco del Buen Ayre in Argentina in 1998, it subsequently incorporated it into Banco Itaú Argentina, now known as Banco Itaú Buen Ayre.

According to Forbes, it is considered one of the top 2000 largest public companies in the world.

In 2002, it acquired Banco Fiat, together with all of Fiat's auto financing activities.

In 2004, it opened a branch in Tokyo.

Then, in April 2006, Banco Itaú purchased the Brazilian operations of BankBoston, a subsidiary that Bank of America acquired with its purchase of FleetBoston.

It was founded on November 4, 2008, as a result of the merger of Banco Itaú and Unibanco.