Itau Unibanco - ITUB STOCK NEWS

Itaú Unibanco announced the sale of 4.4% of XP Inc.'s capital stock through a public offering on Nasdaq, totaling US$ 935 million. Following a potential green shoe exercise, the transaction could reach US$ 1.052 billion, representing 5% of XP's capital. This sale results in Itaú Unibanco holding 41.1% of XP's total capital, which will adjust to 40.5% post-green shoe. This transaction will impact Itaú's fiscal results for the current year.

Itaú Unibanco Holding has announced the approval of a spin-off that will transfer 41.05% of its investment in XP Inc. to a new company, referred to as Newco. This decision follows discussions initiated on November 3, 2020, and will be presented for shareholder approval at a General Meeting. Once approved, shareholders will have an equity stake in Newco, whose sole asset will be the investment in XP. Additionally, Itaú may choose to sell its 5% stake in XP depending on market conditions. Further details for shareholders will follow.

ITAÚ UNIBANCO HOLDING S.A. announced that its Board of Directors approved the payment of earnings to shareholders by April 30, 2021. This includes interest on capital at R$0.063960 per share, subject to a 15% withholding tax, resulting in a net payment of R$0.0543660 per share. This payment applies to both common (ITUB3) and preferred (ITUB4) shares, with corporate stockholders potentially exempt from withholding if they can prove immunity. The final stockholding position will be assessed as of December 10, 2020.

Itaú Unibanco Holding has disclosed the differences between its financial statements prepared under BRGAAP and IFRS for the period ending September 30, 2020. The adoption of IFRS 9, which replaced IAS 39, significantly affects the recognition and measurement of financial instruments. As of September 30, 2020, total assets under IFRS amounted to R$1,998,284 million, with adjustments totaling R$111,836 million from BRGAAP. Total stockholders' equity under IFRS was reported at R$147,928 million. Detailed financial statements are available on their investor relations website.

Itaú Unibanco Holding S.A. has released its Complete Financial Statements and Management Discussion for Q3 2020, ending September 30, 2020. These documents are accessible on the Investor Relations website. The company will hold conference calls to discuss the results on November 4, 2020, with sessions in Portuguese at 8:00 a.m. EDT and in English at 9:30 a.m. EDT. Investors are encouraged to participate to gain insights into the company's financial performance.

Itaú Unibanco is considering a spin-off of its investment in XP Inc., representing 41.05% of XP's capital, into a new entity ('Newco'). After the spin-off, shareholders will receive equity interests in Newco. The company may also sell an additional 5% of XP's shares to enhance its capital position. The final decision on these moves will require Board approval and will be communicated in compliance with regulatory requirements. If executed, the transaction is not expected before December 31, 2020.

Itaú Unibanco Holding S.A. has appointed Milton Maluhy Filho as the new Chief Executive Officer, effective February 2, 2021. He replaces Candido Bracher, who is stepping down due to age limits. The executive transition will last three months, allowing for a smooth handover. Milton, who has been with the company since 2002, has held various key positions, showcasing his extensive experience. The Board of Directors expressed confidence in Milton's capabilities to lead the bank through crucial times.

Itaú Unibanco Holding (Ticker: ITUB) will release its 3rd quarter 2020 results on November 03rd after market close in Brazil and the United States. Teleconferences are scheduled for November 04th, with Portuguese at 08:00 AM EDT and English at 09:30 AM EDT. The presentation will include insights from executives, including the CEO and CFO, and will be available for replay until November 10th. More details can be found on the Investor Relations website.