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Itaú-UnibancoBrazil
Active
This profile is actively maintained
Last update: 2023-06-09 11:53:27
Itau-Unibanco's head offices in Sao Paolo. Photo: Vitruvius via Flickr (CC BY-SA 3.0)
Active
This profile is actively maintained
Last update: 2023-06-09 11:53:27
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About
| Website | http://www.itau.com.br |
| Headquarters |
Praça Alfredo Egydio de Souza Aranha, 100 Torre Olavo Setubal, Parque Jabaquara
04344-902 São Paulo
Brazil
|
| CEO/chair |
Milton Maluhy Filho CEO |
| Supervisor | |
| Ownership |
listed on Brazil Stock Exchange & NYSE
Itau-Unibanco's shareholder structure can be accessed here. |
The Itaú-Unibanco Holding formed in November 2008, when Banco Itau took over Unibanco. Itaú-Unibanco is a publicly-held bank which, together with its subsidiaries and affiliated companies, operates in Brazil and abroad. The bank is present in eightteen countries besides Brazil. Itau-Unibanco has its headquarters in São Paulo, Brazil. Its activities and products include: asset management, investment banking, insurance, private equity, and retail banking.
Sustainability
Commitments
Policies
Voluntary standards
Itau-Unibanco's most important sustainability commitments can be found at the website sections listed below.
Itaú-Unibanco has committed itself to the following voluntary standards:
Dodgy Deals
Itaú-Unibanco is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Itaú-Unibanco's link to these deals.
Projects / Companies
Finance type
Year
News
BankTrack
Partners
Blog
External
Resources
Accountability
Grievances
While Itaú-Unibanco has not set up a grievance mechanism, customers can make a complaint via the Ombudsman Office at itau.com.br/ouvidoria or by calling 0800 570 0011. Individuals and communities adversely affected by the bank's finance can raise a complaint by contacting the Inspector channel at inspetoria@itau-unibanco.com.br, or by calling 0800 723 0010 or via the website itau.com.br/atendimento-itau/para-voce/denuncia/ or itau.com.br/fornecedores/.
Stakeholders may also raise complaints via the OECD National Contact Points (see OECD Watch guidance).
Itau-Unibanco is an Equator Principles signatory. While the Equator Principles have no official grievance mechanism, complaints relating to this bank's financing of Equator Principles projects can be filed through our own website www.equator-complaints.org.
This page evaluates Itaú-Unibanco's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".
Impacts reviewed
Responded?
Total score
Response
Action
Monitoring
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Banks and Climate
Banks and Climate
Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Itaú-Unibanco's fossil fuel policy below.
Banks and Human Rights
Banks and Human Rights
BankTrack assessed Itaú Unibanco in its 2022 Global Human Rights Benchmark, where it achieved 5.5 points out of 14 and was ranked as a follower. More information is detailed in the "Accountability" section of this profile.
Global Human Rights Benchmark 2022
BankLast update
Country
Score
Ranking
Details
Itaú-Unibanco
BRA
5.5
Follower
5.5
0
Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6.5 points
7 - 10 points
10.5 - 14 points
For more details see this page.
Banks and Nature
Banks and Nature
Itaú-Unibanco’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 2.8 out of 10 and ranking it as a follower. Itaú-Unibanco achieved a score of 2.9 out of 10 specifically for its policies related to the beef sector and 2.4 out of 10 for its policies related to the palm oil sector. In addition, BankTrack and the Environmental Paper Network have assessed Itaú-Unibanco’s policies related to the pulp and paper sector.
Between 2016 and 2022, Itaú-Unibanco provided USD 11,737 million in credit to companies operating in these forest-risk sectors and held investments amounting to USD 376 million as of 2022. For more information, see the links below.
Forest & Finance Policy Assessment 2022: Overall scores
BankLast update
Country
Score
Ranking
Details
Itaú-Unibanco
2022-09-27
BRA
2.8
Follower
2.8
0
Explanation
A bank can obtain a total of 10 points for the quality of its policies. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Forest & Finance Policy Assessment 2022: Beef
BankLast update
Country
Score
Ranking
Details
Itaú-Unibanco
2022-09-29
BRA
2.9
Follower
2.9
0
Explanation
A bank can obtain a total of 10 points for the quality of its beef policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Forest & Finance Policy Assessment 2022: Palm Oil
BankLast update
Country
Score
Ranking
Details
Itaú-Unibanco
2022-09-29
BRA
2.4
Follower
2.4
0
Explanation
A bank can obtain a total of 10 points for the quality of its palm oil policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Tracking the NZBA
Tracking the Net Zero Banking Alliance
Itaú-Unibanco is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.
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