Itau Unibanco Holding SA, Latin America’s largest lender by market value, will become the biggest credit-card operator in Chile after agreeing to manage the in-house cards of Santiago-based retailer Cencosud SA.
Banks focused on loans to mid-size firms including Banco Industrial & Comercial SA and Banco Daycoval SA are posting the worst returns among Brazilian lenders as their customers’ bankruptcy filings rise.
Cosan SA Industria & Comercio, which controls the world’s biggest sugar-cane processor with Royal Dutch Shell Plc, posted a quarterly profit that missed estimates after debt costs and tax expenses jumped. The shares slumped.
Banco do Brasil SA, the Brazilian lender whose insurance unit held the world’s largest initial public offering this year, said first-quarter lending expanded faster than the company’s forecast, led by corporate loans.
Itau Unibanco Holding SA, the biggest wealth manager in Brazil, said growth in that industry will cool to 15 percent this year from 21 percent in 2012 as the nation’s economic rebound falls short of forecasts.