Itaú merges European wholesale banking operations into new Luxembourg arm

Itaú Unibanco (Itaú) has consolidated its European wholesale banking operations in Luxembourg to simplify the group’s European structure, streamline governance and improve efficiency.

The Brazilian private bank has moved its European corporate and investment banking and global markets activities together under a single banking platform, Itaú Europe, which has been fully operational since June following the completion of its merger with Itaú’s former Portugal-based bank.

The UK banking businesses will also be incorporated into Itaú Europe with the new entity supervised by the Commission de Surveillance du Secteur Financier (CSSF) and the European Central Bank (ECB).

Thomas Campion, CEO of Itaú Europe, said: “Bringing our European wholesale banking activities together in Luxembourg marks an important step in the evolution of our European platform.

“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. It will allow us to leverage the breadth of Itaú’s expertise more effectively, deepen our client relationships and deliver a more seamless experience across our businesses.”

The European platform provides clients with access to corporate and investment banking solutions, including corporate loans, trade finance and financial advisory. Through Itaú’s South American operations, the platform can also support the Latin American subsidiaries and activities of European clients.

“Luxembourg offers a solid regulatory environment and holds a prominent position within the European financial system, allowing us to expand our operations, grow services and offer clients an increasingly comprehensive platform,” Campion added. “By consolidating our European banking hub in Luxembourg, we now have an even more integrated structure to support our South American clients in their international strategies, while also serving European clients with interests and investments in Latam”.