The reorganization integrates the group's former Portuguese and UK banking businesses into the new entity, which received a full banking license on June 1. Supervised by the European Central Bank and Luxembourg’s Commission de Surveillance du Secteur Financier, the platform aims to strengthen the financial bridge between Europe and South America. Private banking operations remain unaffected by the transition.
Itaú Unibanco Centralizes European Wholesale Operations in Luxembourg
Itaú Unibanco has consolidated its European wholesale banking activities under a single Luxembourg-based platform. This structural shift merges corporate, investment, and global markets operations to serve approximately 350 European clients, while the bank prepares for upcoming regulatory changes ahead of the sixth Capital Requirements Directive in 2027.
Thomas Campion, CEO of Itaú Europe, described the move as a long-term commitment to supporting client growth across the region. The bank, which has maintained a European presence for three decades, noted that evolving regulatory requirements necessitated the shift to a unified structure. By consolidating these assets, the group intends to streamline its services for institutional investors and multinational corporations with active links to South American markets.
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