September 3, 2019 / 7:08 PM / a year ago

Brazil's Itau Unibanco looks to keep costs down, compete with fintechs

BRASILIA, Sept 3 (Reuters) - Brazil’s largest private lender, Itau Unibanco Holding SA is keeping costs under control as a way to compete with financial technology companies, executives told investors in a conference on Tuesday.

Bank Chief Financial Officer Milton Maluhy said adherence to an employee buyout program, for which 7,000 employees are eligible, was higher than expected, without giving a precise figure. Itau Co-Chairman Roberto Setubal said the bank is prepared to adapt to stronger competition from fintechs. (Reporting by Tatiana Bautzer; editing by Jonathan Oatis)

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