Itaú Unibanco 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 to individuals and businesses both inside and outside 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; wholesale and investment banking services for large businesses; consumer credit; and corporate and treasury services. The bank also offers lease financing, securities brokerage and foreign exchange services. In 2009 Itaú Unibanco handed over its auto and residential insurance businesses to Itaú Seguros de Automóvel e Residência, which is held and managed by auto insurance leader Porto Seguro and operates through the bank's branch networks in Brazil and Uruguay. Based in São Paulo, Itaú Unibanco operates in more than 1,100 Brazilian cities and towns. In early 2014, Itaú agreed a merger with Chilean firm CorpBanca, that would create a new bank that would be controlled by the Brazilian financial giant and would operate under the Itaú brand. It would include the Chilean banking units of Itaú Unibanco and CorpBanca, as well as their Colombian subsidiaries. The completion of this process is still pending.