Itaúsa was founded to centralize the financial and strategic decisions of a group of companies and give them better conditions to expand. Itaúsa operates in the financial and industrial areas and also manages large institutions of a social nature.
The history of the Group began with the first investment bank to be founded in Brazil. It was called Banco Federal Itaú de Investimentos S.A. and was created on May 6, 1966, shortly after the Brazilian Central Bank gave permission for this kind of activity. It was a limited liability listed company which would take stakes or make loans in the medium and long term to provide fixed or variable capital by investing its own resources, as well as in the raising, intermediation and investment of resources of third parties, and other activities which the monetary authorities had given approval to.
In November 1970, it changed its official name to Banco Itaú de Investimento S.A. and in May 1973 to Banco Itaú Português de Investimento S.A. It expanded its operations into the specific areas of investment banking. At the same time it accumulated a large equity portfolio and became a substantial shareholder in a number of Itaú´s financing institutions. As these institutions grew, it became a complex task for Banco Itaú Português de Investimento S.A. to maintain its bipolar approach to its operations, both as the holding company of the group and as an investment bank.
As a result, it reformulated its objectives and ceased its investment bank activities in order to become the leading company within the Instituições Financeiras Itaú, a holding company which at that time grouped more than 50 companies. Approval was given at the General Meeting held on December 9, 1974 for the name to be changed to Investimentos Itaú S.A. The business objective was to provide support to private Brazilian companies in which it had a capital share.
At a General Meeting held on April 30, 1991, the official name was changed to Itaúsa - Investimentos Itaú S.A. The name Itaúsa - Investimentos Itaú was adopted from 1991, thereby incorporating the "Itaúsa" tag which the market valued.
The main companies which Itaúsa invested are leaders in their business areas: Itaú Unibanco Holding S.A. and its subsidiaries Itaú Unibanco and Banco Itaú BBA in the financial segment and Duratex, Alpargatas, NTS and Itautec, leaders in the non-financial segment.
As a listed pure holding company, Itaúsa concentrates all its financial and strategic decisions on providing the companies within the Group with the best condition to operate and expand their business. As a result, the subsidiaries have achieved high levels of productivity, employee training and technological breakthroughs to constantly improve the products and services they offer to the market.
This model also ensures that the principles which guide the holding company are also practiced by the Group companies. Appreciating human capital, ethics in business and value creation for the shareholders are the unquestionable values which direct the work of Itaúsa and its subsidiaries.
Itaúsa make up the portfolio of Dow Jones Sustainability World Index (DJSI), the main corporate sustainability ranking in the world, being included for the first time in 2003. The portfolio is made up of 317 companies of 30 countries, of which only seven are Brazilian companies - among which Itaúsa and Itaú Unibanco Holding S.A.. In addition, Itaúsa and Itaú Unibanco were selected to make up the portfolio of the Dow Jones Sustainability Emerging Markets Index.
Itaúsa make up the portfolio of the Business Sustainability Index of BM&FBovespa (ISE), being included for the first time in 2005. Itaú Unibanco and Duratex are also featured on this distinguished list of companies. The new portfolio comprises 33 shares of 30 companies, representing 12 sectors totaling R$ 1.28 trillion in market value, accounting for 41.47% of the total market value of companies with shares traded on BM&FBovespa (on November 21, 2017).
Itaúsa ranked the "Climate Change" ranking in the management category, were acknowledged by the Carbon Disclosure Project - CDP Latin America in accordance with the CDP global methodology (Scoring) applied to the questionnaire "Climate Changes" Edition 2017 questionnarie.
Itaú Unibanco was the largest private bank in Brazil based on total assets and on market value in the end of 2017, according to Bloomberg. It has operations in Brazil and 19 other countries, providing services to a diversified client base, including individuals and companies.
In the Retail Banking segment, Itaú Unibanco carries out financing and lending activities and offering of credit. The Wholesale Banking segment provides services to private banking clients and to medium and large-sized companies, including banking and investment banking services, which include financing offered by means of fixed and variable-income instruments, in addition to the business in Latin America.
In October 2017, after obtaining regulatory approvals, Itaú Unibanco carried out the first step of the incorporation process and it is now in charge of the retail business of Citibank in Brazil.
Itaú Unibanco has obtained the approval from the Central Bank of Brazil to carry out the investment in XP Investimentos S.A, announced in may, 2017. The First Acquisition of 49.9% of the total share capital (30.1% of which are common shares) , by means of a capital increase in the amount of R$ 600 million and the acquisition of shares issued by XP Holding held by the Sellers in the amount of R$ 5.7 billion, will be completed on August 31, 2018. The contract provides for a single additional acquisition in 2022, subject to Central Bank of Brazil’s future approval, which if approved will enable Itaú Unibanco to hold up to 62.4% of the total share capital of XP Holding (equivalent to 40.0% of the common shares), it being understood that the control of the XP group will remain unaltered. Additionally, Itaú Unibanco will be the right to appoint 2 out of 7 members of the XP Holding’s Board of Directors. Itaú Unibanco undertook before the Central Bank of Brazil the commitment not to acquire the control of XP Holding for 8 years as from the signing of the Concentration Control Agreement.
Duratex is a publicly traded company founded in 1951. With three business divisions - Wood, Deca and Ceramic Coatings – the Company is working to produce and sell products for the furniture and finishings sectors in the civil construction industry. Duratex has industrial units located in the South, Southeast and Northeast regions of Brazil and units in Colombia.
Notable among the products in the portfolio are MDP and MDF paneling, fiberboard sheets, wood flooring, sanitary ware and metals, electric showerheads and ceramic coatings. In addition to serving the Brazilian market, its products reach to countries, spread across every continent except Antarctica, with a special presence in South America, Central America, Africa and the USA.
Alpargatas is Brazil’s largest footwear company. By associating its brands to universal and quality products, developed through its talent to identify consumers' needs and wishes, the Company stands out in the market segments in which it operates. Together, Havaianas and Dupé brands are the leaders of the Brazilian flip flops market. Havaianas is the most recognized Brazilian consumer goods brand in the world. Mizuno has a strong presence in the Brazilian market of high-performance running footwear, and Sete Léguas boots complete this outstanding portfolio. The Company operates in the retail segment with exclusive stores of Havaianas, Osklen, Meggashop and Outlet Alpargatas located in a number of countries. The Company has been listed on B3 in São Paulo since 1913 and is one of the Corporate Governance Level 1 listing group companies. Instituto Alpargatas is in charge of the company`s social responsibility, aimed to help improve the quality of education for children and young people through sports activities in all communities it is involved with.
NTS (Nova Transportadora do Sudeste S/A - NTS) is engaged in the transportation of natural gas through a solid system of gas pipelines, connecting Brazil's most industrialized region with safety and reliability.
It operates a gas pipeline network that reaches over 2,000 km, with capacity to distribute 158.2 million cub meters of gas per day. NTS’s gas pipelines connect the states of Rio de Janeiro, Minas Gerais, and São Paulo (which account for 50% of gas consumption in Brazil) to the Brazil-Bolivia gas pipeline, LNG terminals, and gas processing plants.
The company operates under long-term permits with 100% of capacity contracted (through ship-or-pay contracts).
On January 11, 2017, Itautec exercised the put option of 763,740 shares in Oki Brasil for the amount of R$53,350 thousand, and became the holder of 10.3% interest in the company’s capital.
Itautec continues to honor the warranty and maintenance agreements related to the Itautec/Infoway brand, without causing any inconvenience to its customers.
|RESULTS - Accumulated in Period (R$ Million)|
|2017 (IFRS)||2016 (IFRS)||2015 (IFRS)||2014 (IFRS)||2013 (IFRS)||2012(2) (IFRS)||2011 (IFRS)||2012 (IFRS)||2011 (IFRS)||2010 (IFRS)||2009(1) (IFRS)||2010 (BRGAAP)||2009 (BRGAAP)||2008 (BRGAAP)||2007 (BRGAAP)||2006 (BRGAAP)||2005 (BRGAAP)||2004 (BRGAAP)||2003 (BRGAAP)||2002 (BRGAAP)||2001 (BRGAAP)|
|Dividends Paid (Gross)|
|Net Income of the Controlling Company per share||1.13||1.11||1.31||1.18||0.87||0.72||0.75||0.94||1.1||1.01||1.03||1.01||1.03||0.7||1.13||1.41||0.72||0.61||0.49||0.49||0.41|
|Book Value of the Controlling Company per share||7.12||6.45||6.64||5.85||5.01||4.65||4.55||6.19||6.66||5.98||5.21||4.27||4.45||4.04||3.07||2.75||2.38||2.03||1.79|
|Return on Equity (ROE) (%)|
(1) From 2009 to 2011 Consolidated Itaúsa includes the consolidation of 100% of controlled companies and proportional consolidation of Itaú Unibanco
(2) From 2012 the Consolidated Itaúsa includes consolidation of 100% of controlled companies. The amounts of Itaú Unibanco are being assessed under the equity method