By Brazil Stock Guide – Itaú Unibanco Holding SA (ITUB4 BZ; ITUB US) completed the sale of its retail banking operations in Colombia and Panama to Banco de Bogotá SA (BOGOTA CB) in a transaction valued at approximately R$ 2.69 billion.
The deal includes the assets, liabilities and contracts held by Banco Itaú Colombia and its Banco Itaú Panamá subsidiary, according to a material fact filed by Banco Itaú Chile.
The amounts were converted into reais using the July 31 exchange rate of 610.34 Colombian pesos per Brazilian real, corresponding to the transaction’s closing date.
The purchase price was based on the book value of the transferred assets and liabilities and remains subject to customary contractual adjustments.
Itaú Colombia recognized an adverse after-tax impact of approximately R$ 827 million in its July results. The charge was mainly related to restructuring expenses and the unwinding of hedge positions associated with the transfer.
The bank expects to book an additional R$ 92.9 million in after-tax restructuring expenses during the remainder of 2026, bringing total estimated charges related to the deal to approximately R$ 920.3 million.
Itaú described the costs as extraordinary and nonrecurring, saying they stem directly from the strategic restructuring of its Colombian operations.
The transaction will also remove approximately R$ 6.23 billion in risk-weighted assets from Itaú Colombia’s balance sheet, reducing the unit’s capital requirements and overall risk profile.
A capital increase equivalent to approximately R$ 393.2 million, completed on July 28, strengthened the Colombian unit’s capital position and will support the expansion of its wholesale banking operations, the filing said.
Itaú first announced the agreement on Dec. 22, 2025. Colombia’s Financial Superintendency approved the transaction on June 16, allowing the parties to complete the transfer on July 31 after all closing conditions were met.
The sale does not represent Itaú’s exit from Colombia. The group will refocus its local operations on corporate banking and treasury services, while retaining Itaú Comisionista de Bolsa, Itaú Fiduciaria and Itaú Panamá.
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