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Banco Itau Paraguay S.A. was founded in 1978 as Interbanco SA. property of National Bank of Brazil. In 1995 was acquired by Unibanco Group. As a result of the merger between Unibanco and Banco Itaú in 2008, was renamed Banco Itaú Paraguay S.A in 2010. Itau is considered the biggest bank in Paraguay.
Banco Itaú began in 1945 under the name Banco Central de Crédito (Central Bank of Credit) and later changed its name to Banco Federal de Crédito (Federal Bank of Credit). In 1964, Banco Federal Itaú S.A. merged Banco Federal de Crédito and Banco Itaú, a rural bank belonging to a group originated in Itaú de Minas, in Minas Gerais state. [1]
In September 2006, Banco Itaú bought BankBoston's assets in Brazil, Chile, and Uruguay. On November 4, 2008, Banco Itaú and Unibanco announced the merger that resulted in Banco Itaú Unibanco. The institution was born with R$575 billion in assets, a net equity of around R$51.7 billion and a portfolio of combined credit of R$225.3 billion.