ITUB - Itau Unibanco Announces Merger Proposal With Hipercard | Benzinga
Itaú Unibanco Holding S.A. (NYSE: ITUB) has announced a corporate internal restructuring plan. This will include the merger of its wholly-owned subsidiary, Hipercard Banco Múltiplo S.A. ("Hipercard"), subject to approval from the Central Bank of Brazil. The cost associated with executing and implementing the transaction is estimated to be approximately R$180,000 ($34,843).
As part of the effort, all activities currently managed by Hipercard, including the administration of bank cards, will be transferred to Itaú Unibanco. The primary purpose of this merger is to achieve greater synergy among the companies and activities of the ITUB conglomerate. This will help streamline costs and enhance efficiency.
Following the completion of the transaction, Hipercard will be dissolved as an ...