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    ITUB4   BRITUBACNPR1

ITAÚ UNIBANCO HOLDING S.A.

(ITUB4)
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Brazil's Itau adds payments unit, new org structure as fintechs loom

12/11/2020 | 04:48pm EDT

SAO PAULO, Dec 11 (Reuters) - Brazil's biggest lender Itau Unibanco Holding SA on Friday said it was creating a unit focused on electronics payments whose head would be part of a reconfigured executive committee aimed at making the bank a more agile under a new CEO.

Current technology and operations vice-president Andre Sapoznik will head a newly launched unit focused on payments, which will include credit cards, the acquiring business Rede, the retail digital payments unit and cash management, according to an internal document reviewed by Reuters.

The move comes as traditional banks face increasing competition from fintech upstarts such as card processors StoneCo Ltd, PagSeguro Digital Ltd and fintech Nubank.

Sapoznik will be part of a new 12-member committee including Milton Maluhy, who will take over as Itau's chief executive in February, up from 6 members on the prior one. As part of the change, the bank is eliminating the title of vice president in a bid to cut a layer of management.

In the document, Itau said the new configuration was aimed at giving executives more flexibility to make decisions.

The bank's retail bank will be head by Andre Rodrigues already an executive at the unit, while Flavio Souza will command wholesale bank Itau BBA, where he is now in charge of the commercial bank.

The new committee will also have Carlos Constantini in charge of wealth management, as newcomers such as broker XP Inc increasingly lure away traditional bank clients. (Reporting by Carolina Mandl; Editing by Christian Plumb)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ITAÚ UNIBANCO HOLDING S.A. -0.34% 32.64 End-of-day quote.3.19%
STONECO LTD. -1.16% 63.24 End-of-day quote.-23.76%
XP INC. -0.12% 44.335 End-of-day quote.11.90%
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Financials
Sales 2021 117 B 23 005 M 23 005 M
Net income 2021 24 961 M 4 913 M 4 913 M
Net Debt 2021 - - -
P/E ratio 2021 13,3x
Yield 2021 3,03%
Capitalization 300 B 59 321 M 59 114 M
Capi. / Sales 2021 2,57x
Capi. / Sales 2022 2,34x
Nbr of Employees 97 097
Free-Float 53,8%
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Technical analysis trends ITAÚ UNIBANCO HOLDING S.A.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 34,68 BRL
Last Close Price 32,64 BRL
Spread / Highest target 19,5%
Spread / Average Target 6,25%
Spread / Lowest Target -17,3%
EPS Revisions
Managers and Directors
NameTitle
Milton Maluhy Filho Chief Executive Officer
Alexsandro Broedel Lopes Chief Financial Officer
Roberto Egydio Setúbal Co-Chairman
Pedro Moreira Salles Co-Chairman
Gustavo Jorge Laboissière Loyola Independent Director
Sector and Competitors