By Brazil Stock Guide – Itaú Unibanco will become the sole owner of Financeira Itaú CBD, the consumer credit platform shared with major Brazilian retailers, after signing binding agreements with Assaí Atacadista, Grupo Casas Bahia and Companhia Brasileira de Distribuição. The transaction will be executed in two stages and will generate about R$ 260 million in proceeds for Assaí alone.
How the transaction works.
In the first stage, Casas Bahia and CBD immediately sell their direct and indirect stakes in the finance company to Itaú. In the second stage, scheduled to take place two years after the first closing, Assaí will sell its indirect stake in the same operation. After both stages are completed, Itaú will hold 100% of the capital of Financeira Itaú CBD.
How much money is involved.
Assaí disclosed that the amount it expects to receive for its stake in the second phase is approximately R$ 260 million, subject to customary price adjustments at closing. The earlier stage involving Casas Bahia and CBD follows similar valuation logic, already disclosed in their own filings.
Regulatory approvals still required.
Both stages of the transaction depend on clearances from Brazil’s antitrust authority, CADE, and the country’s banking regulator, the Banco Central do Brasil. Only after these approvals will the ownership transfers be formally completed.
What changes — and what does not — for customers.
During the next two years, Assaí will keep its exclusive commercial partnership with Financeira Itaú CBD for the distribution of existing financial products. At the same time, the retailer gains the right to negotiate new financial services partnerships with other institutions in parallel. Customers holding Itaú/Assaí co-branded credit cards will continue to use their cards normally in physical and digital stores throughout the partnership period.
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