Cade’s Superintendence approves Itaú Unibanco’s deal and Avenue brokerage

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The General Superintendence of the Administrative Council for Economic Defense (Cade) approved, without restrictions, a merger between Itaú Unibanco and Avenue Holding Cayman, pursuant to an order published in the Official Gazette of the Union (DOU) this Thursday (18).

In July this year, the bank announced the purchase of 35% of Avenue, a digital securities brokerage focused on the US market, for R$493 million.

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The agreement is a first move to reach, within two years, control of 50.1% of the company, valuing Avenue at R$ 1.2 billion.

Avenue currently has more than 229,000 active customers, 492,000 enabled accounts and approximately R$6.4 billion in custody.

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“In line with previously announced initiatives, such as the acquisition of Ideal Corretora and the launch of the Íon platform, this operation reinforces Itaú Unibanco’s strategy of establishing an investment ecosystem that prioritizes customer satisfaction, by providing products and services in the most convenient for each profile”, said the bank in a material fact sent to the Securities and Exchange Commission (CVM) in July.

Source: CNN Brasil

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