Get to Know Banco Itaú BBA International
Banco Itaú BBA International, S.A. (“Bank” or “Itaú BBA International”) is a credit institution with its registered office and board of directors in Lisbon, that acts as an international platform focused on the developed markets of the Itaú Unibanco Group – one of the world’s 10 largest financial conglomerates.
Since its incorporation, in 1994, the Bank has served as a key element in the Itaú Unibanco Group’s internationalisation strategy, recording consistent growth rates, and is currently ranked as one of the biggest wholesale banks in Portugal in terms of shareholders’ funds.
Acting in the corporate & investment banking segment, in particular in the international flow to/from Latin America, above all with Brazil, Itaú BBA International, has its registered office in Lisbon, subsidiaries in Madeira and London, and representation offices in Madrid, Frankfurt and Paris, together with a subsidiary in the Cayman Islands.
Through its subsidiaries located in Europe (Banco Itaú Europa Luxembourg S.A - "BIEL"), USA (Banco Itaú Europa International and Itaú Europa Securities Inc.) and the Caribbean (BIE Bank & Trust Bahamas Ltd.), Itaú BBA International also intervenes in the international private banking segment - dedicated to the provision of asset management and financial advisory services to Latin American high net worth clients.
Itaú BBA International’s had its beginnings in 1988 with the constitution of Itaúsa Portugal – Sociedade de Investimento, S.A., offering financial services to support the development of economic relations between Portugal and Brazil.
In 1994, Itaú BBA International (previously named “Banco Itaú Europa, S.A.”), was founded, concentrating all financial and banking activities in Europe. In this context, Itaúsa Portugal assumed the role as the holding company (SGPS) of the Itaú Group in Europe.
In 1995, international private banking activities were launched via Itaú BBA International’s branch in Luxembourg, the result of transformation of Banco Bamerindus in Luxembourg, that had been acquired in the meantime by Banco Itaú S.A.
Between 1996 and 2006, Itaú BBA International expanded its presence in Europe by opening branches in Madeira and London, thus reinforcing its activity in the corporate segment and international capital markets, respectively, achieving full control of Itaú Europa Luxembourg, and constitution of representation offices for the corporate segment in Frankfurt and Madrid.
In 2007, the bank concluded acquisition from Bank of America Corporation of international private banking operations with Latin American clients conducted in Miami and Nassau, thus originating Banco Itaú Europa International (BIEI) and BIE Bank & Trust Bahamas Ltd respectively. Additional reinforcement of the private banking portfolio was achieved via acquisition of ABN AMRO Bank N.V.’s portfolio of Latin American clients, assigned to the branches in Miami and Luxembourg.
Also in 2007, Fitch Ratings upgraded Itaú BBA International's support rating from 4 to 3, reconfirming the other ratings. According to the July 2007 edition of the specialist magazine The Banker, Itaú BBA International attained 8th position in the ranking of Portuguese banks and was ranked the biggest wholesale bank in Portugal in terms of shareholders’ funds.
In 2008, Itaú Europa Securities Inc. was incorporated, as a subsidiary of Itaú BBA International, with its registered office in Miami, dedicated to private banking and a representative office was opened in Paris, thus consolidating commercial coverage in the corporate segment.
In 2009, the Central Bank of Brazil approved the merger between the Itaú Group and the Unibanco Group. As a consequence of the integration process of the financial operations of these two Groups, a merger was implemented between BIEL and Unibanco – União de Bancos Luxembourg S.A. (“Unibanco Luxembourg”), achieved through the incorporation of Unibanco Luxembourg within BIEL.
In 2011, in an environment of increasing integration among the Itaú Unibanco Group’s international teams and operations working in the corporate & investment banking segment, and the consolidation into a single identity – Itaú BBA – for operations in this segment, the then Banco Itaú Europa, S.A. changed its corporate denomination to Banco Itaú BBA International, S.A.