This week, the European arm of the Brazil-headquartered financial group, Itaú Unibanco, said it has put its European wholesale banking operations under a single platform based in Luxembourg. The move brings the Brazilian bank's European corporate and investment banking and global markets activities together, serving approximately 350 European corporates and more than 50 global equities and fixed-income accounts.
“This strategic move signals our long-term commitment to be a leading banking services platform that connects Europe and South America. This consolidation reflects our long-term commitment to Europe and to supporting the growth ambitions of our clients across the region,” Thomas Campion (pictured below), CEO of Itaú Europe, said in a statement.
Thomas Campion
As far as this news service could establish, the move doesn’t affect private banking.
Itaú Europe has been fully operational since 1 June this year, since being granted a full banking licence and completing a merger with the bank's former Portugal-based entity. The new entity is supervised by Luxembourg’s Commission de Surveillance du Secteur Financier and the European Central Bank.
Itaú Unibanco has operated in Europe for 30 years, serving multinational corporations and global financial and institutional investors with links to South America.
The reorganisation will fold the bank's Portuguese and UK banking businesses into Itaú Europe, along with its existing wealth management operations in the Northern Hemisphere. The bank cited evolving European regulatory requirements, including the implementation of the sixth Capital Requirements Directive in January 2027, as a factor shaping the new structure.