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On Closing Agreement on December 8, 2025, Itaú Acquires Stake in GPA, Casas Bahia, and Assaí in FIC and Banco Investcred, Unlocks Financial Counters, Strengthens Capital Monetization and Debt Reduction Plans in the Food and Digital Retail Sectors, and Seeks Agreements with Networks in the Country
Itaú informed this Monday, December 8, 2025, in a statement sent to the Securities and Exchange Commission, that it has closed an agreement to acquire the equity stakes currently held, directly or indirectly, by GPA and the Casas Bahia Group in Financeira Itaú CBD, the FIC. The bank also agreed to acquire, on the second anniversary of the closing date of the operation, the equity stake indirectly held by Assaí in FIC, in a transaction totaling approximately R$ 786.21 million.
In the same package, Itaú Unibanco entered into contractual instruments to acquire, on the closing date of the operation, the entirety of the equity stake currently held indirectly by the Casas Bahia Group in Banco Investcred, coming to indirectly hold one hundred percent of the capital of the institution. All stages depend on the fulfillment of precedent conditions, such as approval from regulatory bodies and price adjustments between the signing of the contracts and the conclusion of the transaction.
Itaú Takes Control of FIC and Consolidates Investcred in One Move
According to the disclosed terms, Itaú is moving toward becoming the sole direct or indirect shareholder of Financeira Itaú CBD after implementing the two stages of the transaction.
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In the first phase, the stakes of Casas Bahia and GPA in FIC and the stake of Casas Bahia in Banco Investcred are sold. In the second phase, scheduled to occur two years after the closing of the first stage, Assaí will dispose of its indirect stake in FIC in favor of the bank.
This way, Itaú concentrates in its hands the credit operation linked to the co-branded cards issued in partnership with major partner networks.
The bank reinforces its presence in the offering of credit cards and financial services in retail, while continuing to honor, during the terms of validity, the products already issued to the customer bases of Casas Bahia, GPA, and Assaí.
How Much GPA, Casas Bahia, and Assaí Receive in the Sale to Itaú
According to Casas Bahia, the price of the negotiation with Itaú is R$ 266,113,514.52, to be paid upfront on the closing date of the transaction.
The amount is subject to certain precedent conditions and price adjustments to be made between the date of signing the contracts and the conclusion of the deal.
The company states that the operation integrates the asset monetization pillar of its Transformation Plan and also involves the future possibility of a new partnership involving the Pontofrio counter.
GPA announced that Itaú will pay R$ 260.1 million for its stake in FIC, also to be disbursed upfront. As for Assaí, the sale will be carried out in two stages, mirroring the corporate structure of FIC.
After the implementation of the two stages, the price to be received by Assaí for the sale of its indirect stake in the financial institution is approximately R$ 260 million, subject to adjustments until the effective conclusion.
Financial Counters Unlocked for New Partnerships in GPA Stores
The closure of the FIC Transaction has a direct impact on the design of financial service counters within the food group stores.
GPA highlighted that the conclusion of the deal with Itaú frees the company to establish new partnerships in financial services and explore the counters in its banners in over 730 stores, which receive more than 20 million customers per month, in addition to operating the largest food e-commerce in Brazil.
The group’s expectation is to implement the new operation of the so-called GPA Counters shortly after closing the transaction with Itaú.
In this process, GPA intends to combine the traffic strength of its physical stores and food e-commerce with new financial partners, while simultaneously preserving the continuity of service to customers already utilizing co-branded cards issued in partnership with FIC.
Transaction with Itaú Enters the Retail Monetization and Deleveraging Agenda
In the statement from Casas Bahia, the company emphasizes that the sale of its stake in FIC and Banco Investcred to Itaú aligns with the asset monetization pillar of its Transformation Plan.
The retailer emphasizes that FIC customers, Banco Investcred, and holders of co-branded Itaú/Pontofrio credit cards will continue to be able to use their cards in the physical and digital stores of the company during their respective validity periods.
On the GPA side, the company states that the FIC Transaction and the future operation involving GPA Counters are part of its strategy to reduce financial leverage by decreasing net debt and strengthening its capital structure.
At the same time, the group ensures that FIC customers and holders of co-branded Itaú/GPA credit cards will continue to use their cards normally in the physical and digital stores of the group brands, as long as the products remain valid.
In the case of Assaí, the wholesaler announced that, after the agreement with Itaú, the commercial partnership with FIC will remain in effect for another two years, maintaining the exclusivity of the financial institution for distributing the products and services currently offered to the customer base.
During this period, Assaí will continue with Itaú/Assaí co-branded cards in circulation, at the same time being able to explore new distribution opportunities for other financial products and services, directly or with new partners, on terms to be negotiated.
For Itaú, the set of operations consolidates the relationship with large food and durable goods retail groups and amplifies the bank’s role in consumer credit decisions in these channels.
For the retailers, the sale of stakes in FIC and Investcred helps unlock cash, monetize assets, and reinforce the agenda for debt reduction in a context of high interest rates and capital need.
In your opinion, does Itaú’s move to take over FIC and Investcred strengthen credit in retail or concentrate too much power in the financial counters of major networks?
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