Brothers Behind Latin America’s Biggest Bank Begin Restructuring Their Empire

Brothers Fernando and Pedro Moreira Salles are buying out their siblings, Joao and Walther, at the investment firm that controls the family’s Itau stake.

Bloomberg — One of Brazil’s wealthiest families has kicked off a major ownership restructuring of their stake in Itau Unibanco Holding SA (ITUB4), Latin America’s most valuable lender.

Brothers Fernando and Pedro Moreira Salles are buying out their siblings, Joao and Walther, at the investment firm that controls the family’s Itau stake, according to a regulatory filing. Joao and Walther own about 10% of the bank, a holding currently valued at $4.6 billion.

The purchases will be executed with several payments spread across years, according to a person with knowledge of the matter, who asked not to be identified because the information isn’t public. Once all transactions are completed, Fernando will own 13% of Itau and Pedro 11.6%.