trending Market Intelligence /marketintelligence/en/news-insights/trending/oX8Vbhs9o-UsGXYUQ1j4Ew2 content esgSubNav
In This List

Itaú Unibanco sees competition, lack of opportunities as blocks to Peru's market

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Itaú Unibanco sees competition, lack of opportunities as blocks to Peru's market

Brazil's banking giant Itaú Unibanco Holding SA has not entered Peru's banking market more aggressively due to a lack of opportunities caused by a highly competitive market dominated by several major players, Gestión reported, citing Ricardo Marino, the bank's CEO of Latin America.

Itaú has operated a representative office in Peru since 2011, where it has developed project finance, debt issuance and investment banking, but has not made a big move due to the "high barriers to entry" in the country, the executive reportedly said.

He added that the lender was still monitoring the market for upcoming opportunities that could create value for its shareholders and Peruvian bank customers alike.

This opportunity would have to be the exit of the one big international banks operating in the country, Marino said, according to the publication. But, while Itaú hesitates in Peru, the Brazilian bank is still active in Chile, Argentina, Paraguay, Uruguay and Colombia, where it participates in the retail market.

Meanwhile, the Chilean publication Pulso reported that Marino identified the completion of the integration of Chile's Itaú CorpBanca as one of the company's three main goals in Latin America.

"We need to have patience and support their management," he reportedly said and added Itaú is hoping to get the Chilean bank's ROE on par with the three biggest banks in the country.

However, Marino ruled out the possibility of new acquisitions for Itaú in Chile. "We have enough to eat on our plate," he reportedly said.

Itaú's additional regional goals are becoming the leading digital bank and to grow its franchises and products, according to Pulso.