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The proposed investment consists of the subscription of a green local instrument denominated “Letra Financeira”, a type of security exclusively for financial institutions, up to the equivalent in BRL of US$200 million to be issued by Itau Unibanco S.A. (Itau or the Bank), . The Letras Financeiras will be used to support the Bank’s lending to climate-smart vehicles in order to widen access to finance for the acquisition of climate-smart vehicles in Brazil.
According to the IFC, Itau is the largest private bank in Brazil with a market share of 16,7% of the Brazilian industry's assets, a network of 4,335 branches and more than 99,000 employees. The Bank is the main operating company of the Itau Unibanco Holding S.A (the Group), which has operations in 18 countries, mainly in Latin America, including Argentina, Chile, Colombia, Paraguay, Uruguay and Colombia. Itau offers a wide range of financial services to retail, SMEs and corporate clients. The Group is rated BB by Fitch, BB- by S&P, and Ba3 by Moody’s, and is listed in the Sao Paulo Stock Exchange and the New York Stock Exchange.
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