Itaú Unibanco has received preliminary approval from U.S. regulators to establish a nationally licensed bank in the United States named Itaú Bank.
The preliminary authorization was granted by the Office of the Comptroller of the Currency, Brazil's largest private financial institution announced in a statement to the market on Monday, August 17, 2026.
Itaú Unibanco stated that the opening of Itaú Bank will remain subject to full compliance with applicable regulatory and operational conditions. The bank explained that establishing the entity is also contingent on obtaining necessary approvals from other relevant supervisory bodies, including the Federal Reserve Board and the Federal Deposit Insurance Corporation.
Regulatory approval process in the United States
Establishing a nationally chartered bank in the United States requires comprehensive authorization from federal regulatory authorities. The Office of the Comptroller of the Currency, an independent bureau of the United States Department of the Treasury, charters, regulates, and supervises national banks to ensure they operate in a safe and sound manner.
Foreign financial institutions expanding their footprint in the American banking sector must also navigate oversight from additional federal bodies. The Federal Reserve Board serves as the central bank of the United States and regulates bank holding companies and international banking entities. Meanwhile, the Federal Deposit Insurance Corporation provides deposit insurance that protects customer deposits across U.S. commercial banks.
International expansion and background
Itaú Unibanco has maintained a physical presence and financial operations in the United States market since 1979, serving corporate clients, wealth management accounts, and institutional investors. Headquartered in São Paulo, Brazil, Itaú Unibanco is Brazil's largest private bank and ranks among the largest financial service providers in Latin America, offering retail banking, corporate credit, and asset management services.
The preliminary approval marks an initial step in establishing Itaú Bank under a national charter. The financial institution noted that the operational launch will proceed once all regulatory conditions are met and official approvals from the Federal Reserve Board and Federal Deposit Insurance Corporation are finalized.
