Unibanco

Unibanco - União de Bancos Brasileiros S.A.
Subsidiary
Industry Finance and Insurance
Founded Poços de Caldas, Brazil (1924)
Defunct 2009
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)
Increase US$ 2.1 Billion (2007)
Total assets Increase US$ 424 Billion (2015)[1]
Number of employees
 51,300
Parent Itaú Unibanco
Website www.unibanco.com.br

Unibanco was a Brazilian bank which operated from 1924 to 2009, when it was merged into Banco Itaú. The name stood for União de Bancos Brasileiros ("Union of Brazilian Banks").

Foundation

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

Regional mergers

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

In time its headquarters moved to São Paulo, Brazil's largest 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

Even 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 United States, 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

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.[2] 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. The defunct bank's name survives in the new merged bank's holding company, which became Itaú Unibanco Holding S.A. However, only the Itaú brand is now used in the bank's corporate image.

References

  1. ↑ http://www.forbes.com/global2000/list/2/#header:assets_sortreverse:true
  2. ↑ "Shares soar as Brazilian banks merge". Financial Times. Retrieved 2008-11-03.



This article is issued from Wikipedia - version of the 1/22/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.