Banco Itaú Europa is an investment Bank created in 1994, wholly-owned by Itaúsa Portugal SGPS, a Portuguese holding company created in 1988 to be the European platform of the Itaúsa Group, one of the largest and most profitable financial and industrial corporations in Brazil.
In 2003 Banco Itaú Europa acquired directly 51% of the capital of IPI-Itaúsa Portugal Investimentos SGPS, Lda that concentrates all economic interests of Itaúsa Group on Banco BPI. On December 31st, 2007, this participation was aproximately 18,3%.
Banco Itaú Europa is the European Finance Platform for the Itaú Group.
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Joint Venture Itaú Unibanco
We are pleased to attach hereto the press release and the presentation issued by our indirect shareholder Itaúsa - Investimentos Itaú S.A. (“Itaúsa”) together with Unibanco Holdings S.A. (“Unibanco Holdings”) where it was announced to the market that a joint-venture agreement was executed on November 03, 2008 envisioning the merger of the financial operations of Itaúsa and Unibanco Holdings which will establish the largest private financial conglomerate in the Southern Hemisphere with the ability to compete in the international arena with the world´s largest banks.
The joint venture provides for a corporate restructuring that will cause the migration of current shareholders of Unibanco Holdings and Unibanco - União de Bancos Brasileiros S.A. ("Unibanco") to be made through a merger of shares ("incorporação de ações") to a publicly listed company to be named Itaú Unibanco Holding S.A., currently Banco Itaú Holding Financeira S.A. ("Itaú Unibanco Holding"), whose control will be shared by Itaúsa and the controlling shareholders of Unibanco Holdings by means of a non-financial institution to be incorporated for the purpose of this transaction (“IU Participações S.A”). Itaúsa will hold approximately 66% of the total capital of IU Participações S.A. and Mr. Roberto Egydio Setúbal will be Chief Executive Officer of Itaú Unibanco Holding.
Before the conclusion of said corporate restructuring, Itaúsa will transfer to Banco Itaú Holding Financeira S.A. its participation in Banco Itaú Europa, S.A. (“BIE”), which will be held indirectly through Banco Itaú S.A.. As a result of the reorganization, which is subject to the approval of the relevant regulatory authorities, BIE will become part of a private financial conglomerate among the world´s top 20 in market capitalization, with a strong market penetration and a leadership position in several business segmentations. If the reorganization were finalized in the third quarter of 2008, Itaú Unibanco Holding´s BIS ratio would be 15.1%, considering the tax effects.
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