Itaú Unibanco receives preliminary US charter for Miami expansion

Brazilian banking giant Itaú Unibanco Holdings S.A. has received conditional preliminary approval from the Office of the Comptroller of the Currency (OCC) to establish a new national bank in the United States. The proposed entity, named Itaú Bank, National Association, will be headquartered in Miami.

With an initial capital of $507 million, the bank aims to serve high- and ultra-high-net-worth individuals with financial connections to Brazil and Latin America. The institution plans to operate from a single Miami location without a traditional retail branch network. Its intended services include residential mortgages, deposit accounts, specialized loan products, credit cards, and fiduciary services—offerings that differ from those currently provided by Itaú’s existing U.S. affiliates.

The operational launch is contingent upon fulfilling regulatory mandates and receiving final clearances from the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC).