The merger will create the "Itau Holding Unibanco SA" whose assets will amount to 575 billion reals (268 billion dollars) and capital to more than 50 billion reals (23 billion dollars), making it the the first banking group of Latin American and one of the twenty largest in the world, according to a joint statement the two banks.
It is based on 1.73 share of Unibanco for action Itau.
The news of the marriage-Itau Unibanco announced shortly before the opening of the Sao Paulo Stock Exchange, the first financial center in Latin America, has the effect of a bomb on the Brazilian market.
By mid-day action Itau Voting s'envolait, up almost 20% and that of Unibanco rose 14%.
The negotiations, which began in the aftermath of the crisis of "subprime" in the United States, lasted for fifteen months. The merger was decided Sunday evening while rumors intensified the commitment of Unibanco with the giant AIG insurance that escaped bankruptcy last month by being quasi-nationalized.
"These are two banks, with a strong and important role in economic activity. I think it is important that they come together at this time to continue to release credit, which is their role, "said Finance Minister Guido Mantega.
Vidor Gerode The economist also said that "this merger was a good solution. The trend towards consolidation in the banking sector will take place in other countries in Europe and Asia," he told the channel TV Globo News.
Unibanco SA Itau Holding approximately 4800 agencies, or 18% of Brazilian banking network and 14.5 million customers (current account) is also 18% of the market. A Together, the banks employ nearly one hundred thousand people.
"The volume of credit represent 19% of the Brazilian market," said the press release.
Its board of directors will be chaired by Pedro Moreira Salles, current president of Unibanco, and will be executive chairman Roberto Egydio Setubal, Itau current president.
The new banking group committed to "become a privileged partner for the development of Brazilian companies here and abroad," said the press release.
The two banks also argue that, "with a strong international presence and transactions of commercial banks covering all the countries of Mercosur (the new) institution will have the scale necessary to increase the presence of Brazil in the international arena."
"The group already born with a global mission. Unibanco had a presence abroad, but particularly Itau, which has operations in Argentina, Uruguay, China and Japan", told the newspaper O Globo , The former finance minister Pedro Malan, which is part of the Unibanco.
Unibanco had received offers from several groups such as Santander and Citibank, but eventually "decided to merge with another Brazilian group with whom he can share values, affinities and objectives", according to Malan.
Brazilian President Luiz Inacio Lula da Silva, was informed of the merger Sunday by leaders of the two banks.
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