Itau Unibanco (ITUB) Announces Merger Proposal With Hipercard

Itaú Unibanco Holding S.A. (ITUB) has announced a corporate internal restructuring plan. This will include the merger of its wholly-owned subsidiary, Hipercard Banco Múltiplo S.A. ("Hipercard"), subject to approval from the Central Bank of Brazil. The cost associated with executing and implementing the transaction is estimated to be approximately R$180,000 ($34,843). As part of the effort, all activities currently managed by Hipercard, including the administration of bank cards, will be transferred to Itaú ...