The Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval to Brazil-based Itaú Unibanco to establish a national bank in the U.S. under the name Itaú Bank National Association (IBNA).
This milestone reflects Itaú Unibanco’s strategy to broaden its U.S. presence and expand its product offerings but it does not grant immediate permission to begin operations.
The official launch remains subject to meeting key operational and regulatory conditions, including final authorizations from the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC).
Itaú, Latin America’s largest bank serving over 70 million clients, submitted its application for a U.S. banking charter in March.
Headquartered in Miami, Florida, the proposed institution will operate as a full-service bank targeting high- and ultra-high-net-worth individuals with Brazilian and Latin American ties, according to the OCC. IBNA plans to offer deposit accounts, mortgages, credit cards, other lending products and fiduciary services.
According to the OCC, IBNA will operate from a single location with no immediate plans for a traditional branch network. Percy Moreira who has served as CEO of Itaú USA and head of international private banking in Miami since 2022 is overseeing the rollout.
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The approval requires IBNA to hold $507 million in capital upon opening. The regulator warned that the approval will expire if the bank fails to secure its capital within 12 months or open for business within 18 months of the preliminary conditional date.
Additionally, the OCC revealed that its conditional authorization hinges on the bank applying for stock in a Federal Reserve Bank in accordance to 12 U.S.C. 2221 and securing deposit insurance from the Federal Deposit Insurance Corporation (FDIC).
Itaú’s clearance comes shortly after the OCC granted conditional approvals to several other institutions seeking national bank charters including fintech lender Upstart, stablecoin issuer Circle and Sony Bank the digital banking arm of Tokyo-based Sony Financial Group.
