Enhanced Investments - Financial Portal

Material Fact: Itaú Wins The Bidding Process Promoted By Minas Gerais For Payroll Management Services

Published: 2021-07-16 21:29:00 ET

SÃO PAULO, July 16, 2021 /PRNewswire/ -- ITAÚ UNIBANCO HOLDING S.A.("Itaú Unibanco") announces to its stockholders that it won as of today, July 16, 2021, the bidding process promoted by the State of Minas Gerais, as it has presented the best financial proposal for the rendering of payroll management services, for five years, to state public servants (active, retirees and pensioners), and to companies that are suppliers of the State, totaling a monthly amount of approximately R$ 4.8 billion ("operation").

The proposal establishes a payment in cash of R$ 2.4 billion for payroll management. This payment will be recorded as "Intangible" and recognized in the statement of income on a deferred basis.

This operation reaches 618 thousand public servants, 20% of which concentrated in the metropolitan region of Belo Horizonte; a balance of payroll loans portfolio of R$ 7.7 billion and; 6.3 thousand companies that are suppliers of the State.

Itaú Unibanco will allow current accounts to be opened fully online and at new dedicated physical sites, in addition to our branches already existing in the State. This operation falls into the Phygital (physical and digital) strategy, which is targeted to offering service models to the most varied client profiles.

The agreement is now on its formalization phase.

São Paulo (State of São Paulo), July 16, 2021.

RENATO LULIA JACOBGroup Head of Investor Relations and Market Intelligence

Itaú Unibanco – Comunicação Corporativa(11) 5019-8880 / 8881 – imprensa@itau-unibanco.com.br

View original content:https://www.prnewswire.com/news-releases/material-fact-itau-wins-the-bidding-process-promoted-by-minas-gerais-for-payroll-management-services-301335884.html

SOURCE Itaú Unibanco Holding S.A.

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.