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April 28, 2008 |
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BANCO ITAU: Unit Will Increase Stake in Banco Portugues Portuguese daily Diario Economico reports that Banco Itau Holding Financeira SA's Itau Europe will increase its stake in Banco Portugues de Investimentos to 20% from 18.8%. Business News Americas relates that the Portuguese central bank previously authorized Itau Europe to purchase up to 20% of Banco Portugues. Itau Europe is Banco Portugues' second largest shareholder, following La Caixa which has 25.0%. Itau Europe runs remittance partnerships with Banco Portugues and La Caixa, BNamericas states. Banco Itau Holding Financeira SA -- http://www.itau.com.br/ -- is a private bank in Brazil. The company has four principal operations: banking -- including retail banking through its wholly owned subsidiary, Banco Itau SA(Itau), corporate banking through its wholly owned subsidiary, Banco Itau BBA SA (Itau BBA) and consumer credit to non-account hold customers through Itaucred -- credit cards, asset management and insurance, private retirement plans and capitalization plans, a type of savings plan. Itau Holding provides a variety of credit and non-credit products and services directed towards individuals, small and middle market companies and large corporations. The bank has offices in Miami, New York, Hongkong, Lisbon, Luxembourg, Bahamas, the Cayman Islands, Chile and Uruguay. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 12, 2007, Fitch changed the outlook of Banco Itau Holding Financiera S.A.'s 'BB+' foreign currency IDR rating to positive from stable. |
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