Itaú Receives Conditional OCC Approval for U.S. Banking Charter
Itaú Unibanco received conditional approval from the Office of the Comptroller of the Currency on Aug 25, 2026, to operate a U.S. bank subsidiary. The new entity will operate from a single branch in Miami, targeting high- and ultra-high-net-worth individuals with ties to Latin America. Itaú must launch with at least USD 507 million in capital and maintain a tier 1 leverage ratio of no less than 8% during its first three years.
The conditional approval will lapse if the bank does not secure the required capital within 12 months or fails to open within 18 months. Further sign-off from the Federal Reserve and the FDIC is still required. The U.S. bank will be funded through a contribution of ownership interests in Itaú's existing Miami-based private-banking affiliate, which has operated since 1979.
Products will include deposit accounts, mortgages, other loans, credit cards, and fiduciary services.
- A major Latin American bank gaining a U.S. charter could increase competition in cross-border banking and embedded finance corridors between the U.S. and LATAM.
- The approval signals continued OCC openness to de novo and foreign-bank charter applications, potentially encouraging other international banks to pursue U.S. BaaS strategies.
- OfficialThe Paypers — Aug 2026