Brazil’s Itaú Wins Preliminary US Charter to Serve Wealthy Clients

Brazil-based bank Itaú Unibanco Holdings S.A. has secured preliminary approval from the Office of the Comptroller of the Currency (OCC) to establish a new national bank in the United States called Itaú Bank, National Association, the OCC said in an Aug. 14 corporate decision.

If final approval and authorization for the bank to open are granted, Itaú Bank, National Association will be headquartered in Miami and will focus on high- and ultra-high net worth individuals with Brazilian and Latin American connections, according to the decision.

The proposed bank will open with $507 million in capital, will operate from a single location in Miami, with no immediate plans for a traditional network of bank branches, and will offer products and services not currently offered by Itaú Unibanco’s affiliates in the U.S., including deposit accounts, mortgages and other loan products, credit cards and fiduciary products, per the decision.

In its own announcement of the OCC’s conditional preliminary approval of Itaú Bank, Itaú Unibanco Holdings S.A. said that the launch of the proposed bank remains subject to the fulfillment of applicable regulatory and operational requirements as well as approval from the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC).

Itaú Unibanco Holdings S.A. said in the announcement that it will take the necessary steps to complete the regulatory approval process.

“The Itaú Unibanco Conglomerate has maintained a presence in the United States since 1979, providing a broad range of financial products and services,” the company said in its announcement. “The establishment of Itaú Bank is consistent with the Company’s strategy to further strengthen its ability to serve clients in the United States by expanding its banking capabilities and enhancing its product and service offering it that market.”

International banks have been seeking additional bank charters in other jurisdictions to localize their customer relationships. For example, Revolut filed for a U.S. bank charter in March to become a full-service American bank rather than continuing to operate in the country through partner arrangements. In Europe, where Revolut already had a Lithuanian banking license, the company added a French full banking license. Revolut said the new license will help it deepen its banking relationships through closer proximity to customers, talent and local ecosystems.

The OCC said Aug. 11 that it has reinvigorated de novo chartering over the last 18 months.

After receiving 48 de novo applications in the previous 14 years, from 2011 through 2024, the OCC received 40 applications in the last 18 months alone.

“De novo chartering is a sign of a healthy banking system,” Comptroller of the Currency Jonathan V. Gould said at the time in a press release.

PYMNTS reported in May 2025 that the OCC has been moving to ease the bank application process after several years in which de novo activity had been muted.