Itaú centralises European wholesale banking in Luxembourg

Itaú Unibanco is making Luxembourg the headquarters of its European wholesale business. The move concentrates Corporate & Investment Banking and Global Markets activities that were previously spread across multiple jurisdictions. The bank is gradually migrating operations from the United Kingdom and Portugal following a planning process that took roughly three years.

Flávio de Souza, president of Itaú BBA and a member of Itaú Unibanco's executive committee, stated on 15 September 2026 that the migration immediately places the lender among the 15 largest banks in Luxembourg. Souza added that expected expansion should elevate the institution into the local top 10, cementing its position as the largest Brazilian bank in the hub. The new structure began operating on 1 June 2026 after securing a full banking licence and concluding a merger with its former Portuguese entity. Itaú Europe is regulated by the Commission de Surveillance du Secteur Financier and the European Central Bank.

Itaú Europe will keep a branch in Portugal and maintain a swap dealer licence in the UK for institutional derivatives. It also retains representative offices in Paris and Madrid, alongside wealth management operations in Switzerland. Active in Europe for 30 of its 100 years of existence, Itaú serves about 350 companies and more than 50 global equity and fixed income accounts across the continent.

In its consolidated northern hemisphere division, which includes the United States, Itaú holds 11 billion dollars in assets and a corporate credit portfolio of roughly 7 billion dollars. Souza noted that its private banking unit manages more than 51 billion dollars in assets under management, backed by 2.6 billion dollars in capital.