Itaú Unibanco merger to be fully completed at mid-year, says CEO

Friday, March 25, 2011

The merger of Brazilian banks Itaú and Unibanco, which created the country's largest private sector bank Itaú Unibanco (NYSE: ITUB), is expected to be fully concluded by mid-year, Itaú Unibanco's CEO Roberto Egydio Setubal was quoted as saying by local news agency Agência Estado.

The merger was approved by central bank BCB two years ago. However, Setubal said that 2010 was a particularly difficult year for the merger process as the bank sought to minimize the negative impact on customers.

"Our challenge now is to improve the quality of service to our clients," he said.

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The merger also created Brazil's second biggest insurance and private pension company and these businesses contributed 12% of Itaú Unibanco's net income last year.