The Board of Directors of Itau Unibanco Holding will be chaired by Pedro Moreira Sales, member of the controlling family and president of Unibanco, and Roberto Egydio Setubal, shareholder and member of the controlling family of BIHF, will be the Chief Executive Officer of Itau Unibanco Holding.
Controlled by the Egydio de Souza Aranha family, at present BIHF is the second largest financial conglomerate in Brazil.
BAC is to subscribe a new issuance of 68,518 thousand BIHF preferred shares in payment for BKB's Brazilian operations, equivalent to 5.
BIHF management estimates that the BKB operation will be fully integrated within six months of closing date.
In addition to the Brazilian operation, the transaction provides BIHF with exclusive rights for a term of 90 days to evaluate its interest in acquiring the BankBoston operations in Chile (about US$2.
BIHF expects the acquisition will expand revenue growth through cross selling of retail products to BKB's customer base, and by providing BKB's well-renowned cash management services, investment banking products and cross border transactions to its own corporate client base.