Itaú Unibanco Files Updated Reference Form Disclosing Itaucard Merger Completion, Avenue Control, and Revised 2026 Guidance
ITUB sits 53% above its 52-week low of $6.544 on elevated volume (4.0× avg).
Summary
Itaú Unibanco's updated Reference Form discloses the completed Itaucard merger, 50.1% control of Avenue, the pending FIC/Investcred acquisition, and R$26 billion in possible-loss tax contingencies.
Key Events · Corporate Governance and Compliance · ITUB
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Itaucard Merger Completed
Banco Itaucard S.A. was merged into Itaú Unibanco Holding S.A. on September 30, 2026, after Central Bank approval, with no capital increase or new share issuance.
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Avenue Control Reached 50.1%
On January 30, 2026, Itaú acquired an additional 17.2% of Avenue Holding Cayman Ltd. for approximately R$735 million, bringing its controlling interest to 50.1% of total share capital.
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FIC and Investcred Acquisition Pending
Itaú agreed to acquire the remaining equity interests in Financeira Itaú CBD and Banco Investcred from GPA, GCB, and Assaí for R$786 million; CADE approved the deal on January 5, 2026, but Central Bank approval is still pending.
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2026 Guidance Reiterated with Lower Fee Growth
The filing confirms the August 2026 revision cutting fee and insurance income growth guidance to 2.0%–5.0% from 5.0%–9.0%, citing higher capital-market volatility.
Analysis · ITUB · Finance
The updated Reference Form v4 consolidates several material corporate developments. The merger of Banco Itaucard into the holding company was completed on September 30, 2026, after Central Bank approval — a structural simplification that eliminates a dormant subsidiary. The bank also confirmed it reached 50.1% control of Avenue Holding Cayman on January 30, 2026, completing the second phase of its U.S. digital brokerage acquisition. The filing reiterates the August 2026 guidance cut for fee and insurance income to 2.0%–5.0% growth, driven by capital-market volatility. It also details R$26 billion in possible-loss tax contingencies, including a R$37.6 billion assessment related to the 2008 Itaú-Unibanco merger that remains under appeal. These items collectively update the investment thesis on capital structure, international expansion, and litigation risk.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 29.2% of the 1496 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, ITUB was trading at $9.99 on NYSE in the Finance sector, with a market capitalization of approximately $98.8B. The 52-week trading range was $6.54 to $10.19. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.