Brazil's largest private sector banking group Itaú Unibanco is the result of the 2008 merger between local banks Itaú and Unibanco. It offers a broad range of financial products and services, including credit and banking services, to individuals and business both inside and outside of the country. The group offers retail banking through Itaú Unibanco and corporate and investment banking through subsidiary Itaú BBA. It also operates overseas through branches in New York, Grand Cayman, Tokyo and Nassau, and subsidiaries in Cayman Islands, Argentina, Chile, Paraguay, Uruguay, Portugal and Luxembourg, among others. Itaú Unibanco's operations are organized into four segments: commercial banking, which provides individuals and SMEs with a range of banking services and products including asset management, investor services, insurance, retirement plans, capitalization plans, and credit cards; wholesale and investment banking services for large businesses; consumer credit, which offers products and services - including auto financing, credit card transactions, and consumer loans - to non-account holders; and corporate and treasury services. The bank also offers lease financing, securities brokerage, and foreign exchange services. In August 2009 Itaú Unibanco handed over its auto and residential insurance businesses to a new company to be called Itaú Seguros de Automóvel e Residência, which will be held and managed by auto insurance leader Porto Seguro and operate at the bank's branch networks in Brazil and Uruguay. In exchange, Itaú Unibanco got new shares worth 30% of Porto Seguro. Based in São Paulo, Itaú Unibanco operates in more than 1,100 Brazilian cities and towns.
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