Itaú Unibanco snaps up stake in broker Ideal for $118m

Brazilian bank Itaú Unibanco is set to acquire a stake in digital and cloud-based brokerage firm Ideal.

According to Ideal, the complete purchase will be carried out in two stages. First, Itaú will acquire 50.1% of the share capital of Ideal through a primary contribution and a secondary acquisition of shares, which will add up to BRL 651.3m – subsequently taking control of Ideal.

In the second phase, after a five-year period, Itaú can use its right to purchase the remaining 49.9% of the company’s share capital. The completion of the purchase is subject to regulatory approval.

Ideal CEO Nilson Monteiro said, “Ideal was created from the ambition that we could transform the market. We have established ourselves as a benchmark in customer experience, technology, and disruptive spirit in just over two years. Joining Itaú, in addition to being a privilege, is a sign that we are in the right direction.

“From the beginning of the conversations, it was evident that this new chapter in our history would have to be with Itaú. We have a lot to contribute to the bank’s digital transformation, and Ideal will have immense learning potential and gain scale. But, more importantly, the alignment of principles and values between the companies has always been clear – and this is the crucial condition for any long-term project to succeed.”

Itaú Unibanco president Milton Maluhy Filho added, “This investment materializes our mantra of client centrality because they are the ones who will get the most out of the transaction. Ideal is going to help us expand and standardize the offer for different channels. Customers from various segments of the bank, such as iti, ion, or even Itaú Corretora, will be able to have access to the same products on whichever platform they prefer.”

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