Itau Unibanco Stock Price, News & Analysis

Itaú Unibanco will announce its fourth-quarter 2020 results on February 1, 2021, after market closure in Brazil and the U.S. Conference calls will occur on February 2, with Portuguese at 8:00 AM EDT and English at 9:30 AM EDT. Participants can join via dial-in numbers or access webcasts. The audio replay will be available until February 9, 2021. Slide presentations will also be shared on the morning of the calls. For more information, visit Itaú's Investor Relations website.

Itaú Unibanco Holding S.A. has resubmitted the Management's Proposal for its Extraordinary General Stockholders' Meeting, set for January 31, 2021. The proposal now includes a change in the number of members on Newco's Board of Directors from three to four. Demosthenes Madureira de Pinho Neto is nominated for the newly created position. Votes previously cast will be disregarded, requiring stockholders to submit new voting instructions by January 27, 2021. The updated Management's Proposal is accessible on the Company's investor relations website and other regulatory platforms.

ITAÚ UNIBANCO HOLDING S.A. announced the payment of interest on capital to its shareholders, approved by the Board of Directors on January 14, 2021. Shareholders will receive R$ 0.050160 per share, with a withholding tax of 15%, resulting in a net amount of R$ 0.042636 per share. This payment is applicable to both common (ITUB3) and preferred (ITUB4) shares, based on the stockholding position recorded on January 22, 2021. The payment is set to be made by April 30, 2021.

Itaú Unibanco Holding S.A. announced an Extraordinary General Stockholders' Meeting on January 31, 2021, to discuss a corporate restructuring involving its 41.05% investment in XP Inc. This will lead to the creation of a new company ('Newco'), where stockholders will receive shares proportional to their current holdings. The restructuring aims to enhance liquidity and value for shareholders while separating the investment in XP to operate independently. Estimated costs for the transaction are R$ 13 million. Approval from the Central Bank of Brazil and other regulatory bodies is required.

Itaú Unibanco announced a restructuring of its Executive Committee, effective February 2021, following the appointment of Milton Maluhy Filho as CEO. The changes aim to enhance operational efficiency and decision-making speed. Key appointments include Alexandre Zancani overseeing Auto Loans and Retail Credit, André Rodrigues managing the Retail Bank, and Flavio Souza leading Itaú BBA. The bank will also establish a new structure for Treasury and operations outside Brazil, with a CFO and CRO highlighted in the changes. Transition will be managed by the current president until February 2, 2021.

Itaú Unibanco announced the sale of 4.4% of XP Inc.'s capital stock through a public offering on Nasdaq, totaling US$ 935 million. Following a potential green shoe exercise, the transaction could reach US$ 1.052 billion, representing 5% of XP's capital. This sale results in Itaú Unibanco holding 41.1% of XP's total capital, which will adjust to 40.5% post-green shoe. This transaction will impact Itaú's fiscal results for the current year.

Itaú Unibanco Holding has announced the approval of a spin-off that will transfer 41.05% of its investment in XP Inc. to a new company, referred to as Newco. This decision follows discussions initiated on November 3, 2020, and will be presented for shareholder approval at a General Meeting. Once approved, shareholders will have an equity stake in Newco, whose sole asset will be the investment in XP. Additionally, Itaú may choose to sell its 5% stake in XP depending on market conditions. Further details for shareholders will follow.

ITAÚ UNIBANCO HOLDING S.A. announced that its Board of Directors approved the payment of earnings to shareholders by April 30, 2021. This includes interest on capital at R$0.063960 per share, subject to a 15% withholding tax, resulting in a net payment of R$0.0543660 per share. This payment applies to both common (ITUB3) and preferred (ITUB4) shares, with corporate stockholders potentially exempt from withholding if they can prove immunity. The final stockholding position will be assessed as of December 10, 2020.