Itau Unibanco Holding (NYSE:ITUB) is one of the best large cap penny stocks under $10 to buy now. The stock is up around 40% over the past year. On April 28, Itau Unibanco Holding (NYSE:ITUB) shareholders gave a strong approval to a management plan to absorb the Brazilian bank’s Banco Itaucard subsidiary.
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Itau Unibanco’s management decided that it would be wise to fold Banco Itaucard into the holding company. The management reasoned that absorbing Itaucard into the main holding company would streamline the group’s structure and improve operational efficiency.
Itaucard offers a range of payment and financial services. Though it is a wholly owned subsidiary of Itau Unibanco, it has been operating as a separate entity from its parent. At the extraordinary shareholder meeting on April 28, the proposal to merge Itaucard into Itau Unibanco Holding got nearly unanimous vote approval.
Another item put to a vote at the special shareholder meeting was a proposal to amend Itau Unibanco’s bylaws regarding executive officers. The bylaw amendment proposal sought to increase the number of Itau Unibanco’s executive officers to a maximum of 60 members. This proposal to expand the company’s leadership team was supported by 100% of the voting shares.
Itau Unibanco Holding (NYSE:ITUB) is a Brazil-based financial conglomerate. It offers banking and other financial services to retail and wholesale clients. The company was formed in 2008 through the merger of Unibanco and Banco Itau.
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