Latin America Financials: Citi’s Daily Statement – 2026.07.14– ITUB; BBDC; BPAC; New cap on Payroll loans; CL Banks

Research evidence excerpt

Latin America Financials: Citi’s Daily Statement – 2026.07.14– ITUB; BBDC; BPAC; New cap on Payroll loans; CL Banks

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14 Jul 2026 08:05:32 ET │ 10 pages

Latin America Financials

Citi’s Daily Statement – 2026.07.14 – ITUB; BBDC; BPAC; New cap on

Payroll loans; CL Banks

CITI'S TAKE

Daily report over key topics of LatAm financial companies under Citi’s

coverage.

Gustavo SchrodenAC

Itaú to purchase R$1.4bn in perpetual notes (Valor, Jul 13) +55-11-4009-5858

gustavo.schroden@citi.com

Itaú Unibanco announced that it will exercise its option to repurchase the full Arnon Shirazi, CFA

amount of R$1.4 billion in perpetual Tier 1 subordinated financial notes on July 15, +55-11-4009-7906

2026, subject to Central Bank authorization. The securities were originally issued in arnon.shirazi@citi.com

January 2019 and count toward the bank’s regulatory capital under Basel rules. Itaú

Brian Flores, CFA

estimates the transaction will reduce its Tier 1 capital ratio by about 0.1 percentage

+55-11-4009-2842

point, reflecting a limited impact on capitalization. luis.brian.flores@citi.com

BTG Pactual starts operations in Uruguay (Money Times, Jul 13)

BTG Pactual announced the start of its operations in Uruguay following the

completion of its acquisition of HSBC Uruguay for approximately US$ 211 million, a

transaction first announced in 2025 and recently approved by Uruguay’s central

bank. The move expands BTG’s footprint across Latin America and is part of its

broader international growth strategy.

Bradesco announces American Pix for affluent clients (Exame, Jul 13)

Bradesco announced that clients of Bradesco Principal who hold accounts at

Bradesco Bank, its U.S. subsidiary, can now access Zelle, one of the largest instant-

payment networks in the United States.