Team size: about 350

What are the most significant cases or transactions that your legal team has recently been involved in?

We deal with all the legal affairs of Itaú Unibanco, the largest private bank in Brazil. Hence, we have been involved in the most significant cases and transactions that affect the Brazilian economy. Our litigation team manages approximately 400,000 lawsuits, ranging from small to complex cases relating to the Brazilian financial system.

Some of the most significant cases in 2023 include a litigation related to the privatisation of Banestado which resulted in a settlement of R$ 1.7bn (approximately $340m) in favour of Itaú Unibanco; the acquisition of a controlling stake in Avenue Securities, a brokerage house with operations in US, Brazil and Cayman, valued at R$1.25bn (about $250m); the divestment of our participation in Banco Itaú Argentina following our global strategy to optimise our offshore structures; and a joint venture with TOTVS, a Brazilian provider of IT solutions. The joint venture is valued at R$1.02bn (approximately $200m) and reinforces our position in digital transformation in the financial industry.

We currently have over 600 active cases (either through restructuring or through reorganisation of assets and debts under court supervision), involving amounts that altogether correspond to more than a billion dollars in exposure for the bank.

The team worked on the structuring and offering of brokerage and custody of Bitcoin and Ether to Itaú clients (the first major Brazilian retail bank to offer such services) as well as on the tokenization of assets. We also actively participated in the implementation of Desenrola Brazil, an emergency program for renegotiating the debts of individuals in default created by the Brazilian government. So far, the program renegotiated R$35.6bn in debts and impacted twelve million Brazilians.

What would you say are the unique qualities required to be successful as an in-house lawyer in your industry?

The most successful trait, in my opinion, is to acquire in-depth knowledge of the industry, including the business and regulatory aspects. That knowledge will enable the in-house lawyer to successfully identify business opportunities and alternatives, in order to help develop the company and the regulatory context in general.

How have you fostered a closer collaboration between the legal department and your business counterparts?

At Itau Unibanco, lawyers and business executives work very closely. The lawyers participate in all relevant meetings and discussions regarding new transactions and the implementation of new products and features. We do not have (and feel that this would be counterproductive) a separate “legal governance”.

Do you have a cause, business-related or otherwise, that you are passionate about?

My free time and hobbies are put towards literature, arts and music. I take my time to learn the story of each piece, the context of its creation and its meaning. To me, art, in all its different expressions, is what connects us as a creative species, and gives life a meaning that transcends day-to-day living.