Itau BBA
Banco Itaú BBA S.A.
Itaú BBA is the wholesale and investment banking arm of São Paulo-based Itaú Unibanco. Its research department covers Brazilian and wider Latin American equities and shared first place with BTG Pactual in Extel's Latin America research rankings in 2025 and 2026.
Company history
Banco BBA was founded in São Paulo in 1988 by Fernão Bracher and Antonio Beltran Martinez in partnership with Austria's Creditanstalt. In November 2002 Banco Itaú agreed to acquire 95.75% of BBA Creditanstalt and combine it with its own corporate and investment banking business as Banco Itaú BBA. The 2008 merger of Itaú and Unibanco made it the wholesale banking arm of Itaú Unibanco.
- 1988Banco BBA founded in partnership with Austria's Creditanstalt
- 2002Itaú acquires 95.75% of BBA Creditanstalt, creating Itaú BBA
- 2008Itaú and Unibanco merge, forming Itaú Unibanco
Research
Led by Global Head of Research Thiago Macruz, the department covers Brazil and the rest of Latin America across banks, consumer and retail, healthcare and education, steel and mining, pulp and paper, oil and gas, agribusiness, real estate, TMT, transportation and utilities. In Extel's Latin America Research Team survey it tied BTG Pactual for first place in 2025 and 2026, with 25 team positions each year. Ratings are Outperform, Market Perform and Underperform, reflecting expected medium-term performance relative to the market average.
Coverage12M
- Stocks
- 19
- Ratings
- 19
- Price targets
- 0
- Upgrades
- 3
- Downgrades
- 16
- Initiations
- 0
- Reiterations
- 0
- Positive16%3
- Neutral68%13
- Negative16%3
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 TBBBBBB Foods Inc. | Outperform | — |
 AGBKAGI Inc | Market Perform | — |
 ASRGrupo Aeroportuario del Sureste, S. A. B. de C. V. | Market Perform | — |
| BBBBAJF | Market Perform | — |
 BMABanco Macro S.A. | Market Perform | — |
 CIBGrupo Cibest S.A. | Underperform | — |
 ENICEnel Chile S.A. | Market Perform | — |
 FMXFomento Económico Mexicano, S.A.B. de C.V. | Outperform | — |
 GGALGrupo Financiero Galicia S.A. | Market Perform | — |
 GGBGerdau S.A. | Market Perform | — |
Recent actions
| Stock | Rating action | Rating | Date |
|---|---|---|---|
| Grupo Aeroportuario del Sureste, S. A. B. de C. V.ASR | Downgrade | Outperform →Market Perform | Sep 16 |
 Paychex, Inc.PAYX | Downgrade | Market Perform | Sep 16 |
 Nu Holdings Ltd.NU | Downgrade | Outperform →Market Perform | Sep 16 |
| Grupo Financiero Galicia S.A.GGAL | Downgrade | Market Perform | Sep 3 |
| Banco Macro S.A.BMA | Downgrade | Outperform →Market Perform | Sep 3 |
| XPXP Inc.XP | Upgrade | Market Perform →Outperform | Aug 31 |
 VtexVTEX | Downgrade | Outperform →Market Perform | Aug 25 |
| BBBBAJF | Downgrade | Outperform →Market Perform | Aug 18 |
| USUSNZY | Downgrade | Outperform →Market Perform | Aug 11 |
| Gerdau S.A.GGB | Downgrade | Outperform →Market Perform | Aug 10 |
| Enel Chile S.A.ENIC | Downgrade | Market Perform | Jul 10 |
| GLGlobant S.A.GLOB | Downgrade | Outperform →Market Perform | Jul 8 |
Similar coverage12M
References
- Fitch Ratings Comments on Banco Itaú's Acquisition of Banco BBA Creditanstaltfitchratings.com
- Conheça o Itaú BBAitau.com.br
- Corporate profile – Itaú Unibanco Investor Relationsitau.com.br
- Banco BBA – Wikipédiapt.wikipedia.org
- The Research Firms with Deep Roots in Latin America – Extelextelinsights.com
- Itaú BBA Equity Strategy report with rating definitions (November 2023)mindassets.cloud.itau.com.br