Itaú Unibanco Receives Conditional Approval from OCC for US Bank Charter
Brazil’s Itaú Unibanco Holding has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a U.S. bank charter, marking progress in its strategy to expand services for high-net-worth individuals with Latin American ties. The $633.7 billion-asset lender plans to operate through a single branch in Miami and must meet several conditions before full approval is granted by the OCC, including sign-off from the Federal Reserve and FDIC. The bank will need at least $507 million in capital initially and maintain an 8% tier 1 leverage ratio for its first three years. Itaú’s U.S. operations aim to offer a broader range of services than its existing private-banking affiliate, including deposit accounts, mortgages, credit cards, and fiduciary products. The bank will also need regulatory approval before appointing new executives or board members.
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