Unibanco

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Unibanco - União de Bancos Brasileiros S.A.
Former type Subsidiary
Industry Finance and Insurance
Founded Poços de Caldas, Brazil (1924)
Defunct 2008
Headquarters São Paulo, Brazil
Key people João Moreira Salles, Founder
Pedro Moreira Salles CEO
Pedro Malan, Member of the Board of Directors
Products Banking
Revenue Increase US$ 19.3 Billion (2007)
Net income Increase US$ 2.1 Billion (2007)
Total assets Increase US$ 102.6 Billion (2007)
Employees 51,300
Parent Itaú Unibanco
Website www.unibanco.com.br

Unibanco stands for União de Bancos Brasileiros (Union of Brazilian Banks).

Foundation[edit]

In 1924 João Moreira Salles established the Casa Bancária Moreira Salles (Moreira Salles Banking House) in the town of Poços de Caldas, Minas Gerais, Brazil. His son, Walter Moreira Salles, was named an acting partner in 1933 at the young age of twenty-one.

Regional mergers[edit]

During 1940, Banco Moreira Salles catalyzed its growth by merging with three regional banks, eventually changing its name to União de Bancos Brasileiros (Unibanco).

Acquisition of Banco Nacional[edit]

In time its headquarters moved to São Paulo, Brazil's financial center. Unibanco grew to be the third largest non-government bank in the country, largely due to the 1995 acquisition of Banco Nacional, which went bankrupt alongside other major financial houses during the national banking meltdown of the early years of the Real Plan.

Listed, family controlled, company[edit]

Though its shares were listed on the São Paulo Stock Exchange (Bovespa), the bank was largely controlled by its founding Moreira Salles family. Until his death in 2001, Walter Moreira Salles - a renowned banker and diplomat, who served as Brazilian ambassador to the USA, as well as Brazilian Finance Minister - headed the family. After 2006, his son Pedro Moreira Salles served as the company's Chief Executive Officer and Vice Chairman of the Board.

Merger with Banco Itaú[edit]

Unibanco branch in Natal, Rio Grande do Norte, Brazil, carrying the bank's former branding.

On November 2, 2008, Unibanco and the second largest Brazilian private banking group, Banco Itaú, announced plans for a merger.[1] The merger was approved by the Central Bank of Brazil in late February 2009. As a result of the merger process, Unibanco agencies became new Itaú agencies by the end of 2010, and the Itaú name became the strongest brand in the Brazilian private sector banking market.

References[edit]

  1. ^ "Shares soar as Brazilian banks merge". Financial Times. Retrieved 2008-11-03. 

External links[edit]