Arnold & Porter Represents Itaú Unibanco in Securing Preliminary OCC Approval for New Bank in the U.S.

Arnold & Porter has advised Itaú Unibanco S.A. in securing preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a new national bank in the United States. Itaú Unibanco S.A. is the largest private-sector banking institution in Brazil, and the largest bank in Latin America by market capitalization.

The bank remains subject to additional regulatory approvals and other pre-opening requirements, including deposit insurance approval from the Federal Deposit Insurance Corporation (FDIC) and certain approvals from the Board of Governors of the Federal Reserve System, before it may commence banking operations.

Arnold & Porter advised Itaú Unibanco S.A. throughout the OCC charter application and conditional approval process, including on bank regulatory, corporate, and other legal matters associated with the formation of a de novo national bank in the United States.

The Arnold & Porter team was led by Financial Services partners Amber Hay and David Freeman and Corporate partner Rob Azarow, with Gregory Harrington, a partner in the firm’s Latin America Corporate & Finance practice, coordinating the firm’s multidisciplinary representation. The team also included partners Uri Horowitz (Tax) and Anthony Raglani (Financial Services); counsel Erik Walsh (Financial Services) and Kathleen Wechter (Tax); senior associates Gregory Criscitello (Corporate & Finance), Kathryn Geoffroy (Tax), and Kara Ramsey (Financial Services); associates George Eichelberger (Financial Services), Remila Jasharllari (Corporate & Finance), Paul Lim (Financial Services), and Jacob Saracino (Corporate & Finance); and former visiting attorney Mateus Maia de Souza*.

Arnold & Porter has extensive experience advising U.S. and international financial institutions on bank charter applications and regulatory approvals, the establishment and structuring of U.S. banking operations, and other complex matters before the OCC, Federal Reserve, FDIC, and other financial regulatory authorities.

*Mateus Maia de Souza, a former visiting attorney from Brazil, assisted the team with aspects of the deal. Mr. Maia is admitted to practice law only in Brazil and is not engaged in the practice of law in any U.S. jurisdiction.