The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Brazil: Itaú wins Carrefour as government fights bubble

Extensive retail finance acquisition; Sector still strong despite government curbs

Itaú’s winning bid for Banco Carrefour, 11.6 times 2010 earnings

Itaú’s winning bid for Banco Carrefour, 11.6 times 2010 earnings

The Brazilian government’s attempt to dampen consumer spending and slow inflation didn’t appear to lessen the attraction to Itaú Unibanco of 49% of Banco Carrefour. Itaú outbid its rivals for the large and established retail finance operation, providing Itaú with the credit services offered in Carrefour’s Brazilian stores. These encompass a total of 7.7 million accounts, 11 million issued cards and a loan portfolio of $1.42 billion. Banco Carrefour posted a net income of R$155 million ($99 million) in 2010.

In early April the government had responded to rising inflation and fears about a credit bubble by doubling the tax that applies to goods bought in instalments over more than one year, excluding mortgages, to 3%.

Twelve-month inflation in Brazil reached 6.3% in March, close to breaking through the central bank’s target of 4.5% plus or minus 2%, as the government tries implementing measures other than raising interest rates, fearing further currency appreciation.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree