Itau Unibanco Holding SA (ADR) (NYSE:ITUB) shares lose by 2.58%
The shares of Itau Unibanco Holding SA (ADR) (NYSE:ITUB) declined to close at $11.70 in trading session of Friday, July 5. This closing number demonstrates decrease in the stock price by 2.58%. After opening at $11.92, the stock exhibited an intraday high of $11.93. With average volume of 13.72 million shares in last 90 trading sessions, almost 24.42 million shares were traded in session of Friday.
On June 17, Cencosud SA proclaimed that a binding MOU has been signed by the company with Itau Unibanco Holding SA (ADR) (NYSE:ITUB) for mutually developing Argentina and Chile’s financial retail business.In the agreement’s terms, Itau Chile would get the acquisition of 51% of the Cencosud Administradora de Tarjetas’s shares. Cencosud Administradora de Tarjetas is the operator of credit card for Cencosud in Chile. It has been agreed to form a novel entity in Argentina by Cencosud. In this entity, Itau Argentina would develop business jointly by contributing with equity.
Itau Unibanco Holding SA (ADR) (NYSE:ITUB) is the biggest non-government bank in Latin America. The company has proven resilience in rough economic times and it appears balanced for delivering strong equity returns. The company has been formed with the merger of Unibanco and Itau, and the resultant bank has evidenced possession of the finest attributes of both of the parts. These characteristics include, efficiency, strong management and cost effectiveness of Itau and underwriting standards of Unibanco that resulted in lower rates of nonperforming loan.
Itau Unibanco Holding SA (ADR) (NYSE:ITUB) possesses primary market shares in almost the entire product that it offers, which includes investment banking and credit cards. The presence of the bank is not only confined to Brazil, but is spread across Latin America. The company is expected to shape up as the regional giant, with attaining expansion through various strategic acquisitions; The Company’s product portfolio diversification is also anticipated to grow in the coming years.