Itaú Unibanco US national bank expansion

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

The proposed entity will be headquartered in Miami with an initial capital of $507 million. The bank intends to focus on high- and ultra-high-net-worth individuals with financial ties to Brazil and Latin America, offering services such as residential mortgages, deposit accounts, specialized loans, credit cards, and fiduciary services. This model differs from the bank’s existing U.S. affiliates as it plans to operate from a single location without a traditional retail branch network.

While the OCC’s approval is a significant regulatory milestone, the bank cannot begin immediate operations. The full establishment of the entity remains subject to meeting specific regulatory and operational requirements, as well as obtaining final clearances from the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC).