By Brazil Stock Guide – Brazilian lender Itaú Unibanco Holding SA (B3: ITUB4, ITUB3; NYSE: ITUB) received preliminary conditional approval to establish a nationally chartered bank in the US, according to an Aug. 17 market notice.
The Office of the Comptroller of the Currency, which supervises national banks in the US, granted the initial clearance for the proposed institution. It would operate as Itaú Bank, National Association.
Further regulatory approvals required
The OCC decision marks a step forward in the licensing process but doesn’t authorize Itaú Bank to begin operations. The opening remains subject to regulatory and operational conditions.
Itaú must also secure approvals from other US authorities, including the Federal Reserve Board and the Federal Deposit Insurance Corporation.
The combination of OCC, Federal Reserve and FDIC reviews means the launch date will depend on the completion of the remaining regulatory stages.
Itaú seeks broader US offering
Itaú has operated in the US since 1979, providing financial products and services to clients in the market.
The new bank is part of the company’s strategy to expand its ability to serve US customers. Itaú said the planned structure would support a broader range of financial products and services.
The company will continue working through the regulatory process and said it will inform shareholders and the market of material developments.
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