Brothers Walter and João Moreira Salles leave Itaú shareholders

The Moreira Salles family, which holds a controlling interest in Itaú Unibanco through IUPAR (Itaú Unibanco Participações SA), announced this Thursday (24) the departure of the brothers Walter and João Moreira Salles from the company’s shareholders.

A statement sent to the bank by E. Johnston de Participações (EJ), a company through which the Moreira Salles holds a stake in the bank’s parent company, says that EJ’s capital is currently distributed among the brothers Fernando Roberto Moreira Salles, Walter Moreira Salles Jr. ., Pedro Moreira Salles and João Moreira Salles.

With the change, it will be divided between Fernando Roberto Moreira Salles, who will hold 50% of the capital of EJ, and Pedro Moreira Salles and his son, João Moreira Salles (uncle’s namesake), who will hold, respectively, 44% and 6% of the capital of EJ.

The brothers Walter and João Moreira Salles leave the board, transferring their respective interests to the remaining shareholders, Fernando and Pedro, and to the new shareholder, João.

The changes will take place via share purchase and sale transactions, the implementation of which is subject to approval by the BC (Central Bank).

The statement also says that there will be no change in the stake held by EJ in the capital of IUPAR, of 33.47%.

The remaining 66.53% is held by the holding company Itaúsa, which holds a stake in Itaú and other companies such as Alpargatas, Dexco and Copa Energia.

“IUPAR’s control will continue to be exercised in accordance with the shareholders’ agreement in force and, consequently, the transactions described above will not result in any change in the management or governance of Itaú Unibanco Holding”, says the bank.

The change did not result from any type of disagreement between the brothers, according to an investigation by the sheet.

It would have come about naturally due to the greater affinity of part of the family that remains on the EJ shareholder board with the banking activity, while the filmmakers brothers Walter and João Moreira Salles are closer to the universe of the arts.

Walter Salles directed award-winning films such as “Central do Brasil”, “April Despedaçado” and “Motorcycle Diaries”. João Moreira Salles, in turn, directed “Santiago”, “Entreatos” and “Notícias de uma guerra particular”, the latter in partnership with Kátia Lund. He is also the founder of Piauí magazine.