Itaú Unibanco receives preliminary US approval for new national bank

Itaú Unibanco has received preliminary conditional authorization from the Office of the Comptroller of the Currency (OCC) to establish a national bank in the United States, to be named Itaú Bank, National Association.

The OCC's preliminary approval is a significant regulatory milestone that allows the Brazilian bank to advance its international strategy, though it does not permit immediate operations. The full establishment of the new entity remains subject to meeting specific regulatory and operational requirements.

To begin operations, Itaú must also obtain additional approvals from the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC). The move is intended to strengthen the group's presence in the American market, where it has maintained operations since 1979, by providing a more robust institutional vehicle for corporate clients, treasury operations, and other financial services.