Itaú Unibanco S.A.

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Project Number: 
Expected Consideration Date by the Board: 
Date Posted: 
Itaú Unibanco S.A.
Sponsoring Entity: 
Not applicable
Financial Services
São Paulo, Brazil
Scope Objective: 

The project consists of a Loan to Itaú Unibanco S.A.(“Itaú Unibanco). The objective of this project is to finance Eligible Projects via subloans to Eligible Enterprises in Brazil. These will be small and medium-sized companies located in Brazil that require the funding primarily for short- or medium-term financing for general corporate purposes, including working capital and leasing. Eligible Enterprises financed with a portion of the Loan shall not exceed US$20 million in assets or yearly revenue.

Itaú Unibanco S.A. was established in 1924 and increased its presence in the market through various mergers and acquisitions beginning in the 1960s. Itaú Unibanco was the first emerging market bank to adopt the Equator Principles (June 2004) and in 2009 and 2010 it was awarded the Financial Times/IFC Emerging Markets and Latin American Sustainable Bank of the Year awards. Itaú Unibanco is the only Latin American financial institution that has been selected for the Dow Jones Sustainability World Index (DJSI World) since its first edition.

Environmental Review: 

Environmental and Labor Issues:

This is a category FI-2 project according to the IIC’s Environmental and Social Sustainability Policy because the subprojects in the financial intermediary’s current or future portfolio are considered medium risk. Itaú Unibanco has attended the environmental training workshop for financial intermediaries given by the IIC and has committed to keeping at least one employee on staff who has attended the workshop. The bank has incorporated policies and procedures in its credit assessment that allow it to perform an environmental review of each subproject and verify compliance with domestic environmental and labor laws, rules, and regulations, as well as the IIC’s environmental guidelines. In recent years, Itaú Unibanco has collaborated with the IIC by sharing its experiences during the environmental training workshops for financial intermediaries that are held each year throughout Latin America and the Caribbean.