Historical series Itaú tops the Central Bank’s ranking of primary foreign exchange operations
The bank reached a volume of US$ 241.825 billion in operations; the position reflects the real economy, excluding interbank transactions
São Paulo, January 16, 2025 – Itaú Unibanco ended 2024 as the largest foreign exchange bank in Brazil, according to the ranking released by the Central Bank (BC). The bank transacted a total of US$ 241.825 billion in primary exchange operations, which include imports, exports, and transfers to and from abroad.
In the commercial foreign exchange segment, which covers operations related to imports and exports, Itaú had a market share of 19.7%, sustained by its relationships with around 50,000 medium and large-sized companies.
The regulatory modernization provided by the Foreign Exchange Framework, approved in 2021, also had a positive impact on performance. In commercial foreign exchange, for example, the client satisfaction index (NPS) grew by 10 points in 2024, reflecting advances in services and processes.
In 2024, 70% of the bank’s foreign exchange transactions were carried out through digital channels, with 44% of operations fully automated, without the need for human intervention. This rate was 25% in 2023.
“The use of technology makes us more efficient; we gain more scale, we have a greater volume of information and so we can also be more competitive in terms of price,” says Eric Altafim, Itaú’s director of products and corporate desks.
For the last nine years, Itaú has been the sole leader in B3’s ranking of over-the-counter derivatives operations. This market is widely used by companies to manage financial risks, including debt and foreign trade operations. The bank has a market share of 15.5%, approximately 50% more than the runner-up.
In the context of foreign exchange, the corporate hedging market plays an important role, with the majority (around 71%) consisting of currency-related operations.
“By consolidating our position in the foreign exchange and over-the-counter derivatives markets, we have strengthened our leadership in the Brazilian FX (Foreign Exchange) market. Our focus is to be ever more present in the lives of our clients, helping to manage market risks and prioritizing principality in our relationships,” Altafim concludes.