Itau Unibanco (ITUB) Announces Merger Proposal With Hipercard [Yahoo! Finance]
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Itau Unibanco Banco Holding SA American Depositary Shares (Each repstg 500 Preferred shares) (ITUB)
Last itau unibanco banco holding sa american depositary shares (each repstg 500 preferred shares) earnings: 2/11 04:01 pm
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US:NYSE Investor Relations:
itau.com.br/investor-relations
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Source: Yahoo! Finance
This will include the merger of its wholly-owned subsidiary, Hipercard Banco Múltiplo S.A. (“Hipercard”), subject to approval from the Central Bank of Brazil. The cost associated with executing and implementing the transaction is estimated to be approximately R$180,000 ($34,843). As part of the effort, all activities currently managed by Hipercard, including the administration of bank cards, will be transferred to Itaú Unibanco. The primary purpose of this merger is to achieve greater synergy among the companies and activities of the ITUB conglomerate. This will help streamline costs and enhance efficiency. Following the completion of the transaction, Hipercard will be dissolved as an entity and its assets will be taken over by ITUB. This will lead to a reduction in maintenance costs, rationalization in administrative and commercial activities and an improvement in the overall corporate structure. Itaú Unibanco will take over Hipercard's equity worth R$2.68 billion ($518 million
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ITUB
Earnings
- 5/7/24 - Beat
ITUB
Sec Filings
- 6/25/24 - Form 6-K
- 6/24/24 - Form 6-K
- 6/20/24 - Form 6-K
- ITUB's page on the SEC website