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Closure of the only physical Itaú branch in Itaú de Minas transfers clients to Passos, 17 km away, and increases criticism over the advancement of the dismantling of in-person banking services in the country
The only physical Itaú branch in Itaú de Minas, a city in the southwest of Minas Gerais that inspired the bank’s name, will close its operations on June 10. With the closure of unit 0104, clients will be transferred to Passos, about 17 kilometers away, amid criticism from residents and the Bank Workers’ Union.
Itaú branch in Itaú de Minas will be closed in June
Unit 0104 operates in the center of Itaú de Minas, at the corner of Dr. José Balbino Street and João Kirchiner Street. After the closure, client services will be directed to branch 0120 in Passos, located on Arouca Avenue.
The change affects a municipality of 14,406 inhabitants, according to the 2022 Census by IBGE. Of this total, approximately 15% are elderly, a group that usually relies more on in-person services to resolve banking needs.
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For some residents, the transfer to another city creates a practical barrier. Without a physical branch in the municipality, clients will need to travel about 17 kilometers to seek in-person services from Itaú.
Residents criticize distance and loss of in-person services
The decision sparked outrage on social media. A client stated that the measure “will only make it harder to use the bank’s services” and criticized the need to travel 17 kilometers to access services previously available in the city.
The case also draws attention due to the historical relationship between the municipality and the bank. Itaú itself states, on its institutional page, that it adopted this name after purchasing, in 1964, a financial institution located precisely in Itaú de Minas.
The closure of the only physical branch, therefore, has symbolic and practical impact. Besides affecting the routine of customers, the closure occurs in the city linked to the origin of the institution’s name.
Branch closures affect municipalities across the country
The closure of the branch in Itaú de Minas is part of a broader movement to reduce the physical banking network in Brazil. Between 2015 and 2025, banks closed an average of 45 branches per month.
As a consequence of this process, 638 Brazilian municipalities were left without bank branches. In total, 6.9 million people began living in cities without this type of in-person service.
In 2025 alone, Itaú closed 319 physical branches. The bank also announced the closure of another 188 units by May of this year, according to data cited by the Bank Workers’ Union of São Paulo, Osasco, and Region.
Union points out impact on customers, commerce, and bank workers
The Bank Workers’ Union of São Paulo, Osasco, and Region states that the closure of branches harms customers, local commerce, and sector workers. The entity also points to increased workload in the branches that remain open.
According to the Union, bank workers who remain in these branches start to absorb the demand from the closed units, without proportional replacement of staff. The entity also cites abusive targets and illness as effects of this process.
Valeska Pincovai, executive director of the Union and Itaú bank worker, criticized the closure policy. She stated that the bank leaves the population without service, especially retirees, and said that the institution recorded a profit of more than R$ 12 billion in three months.
In response to the scenario, the Union launched the campaign “I Want More Branches,” with a petition for the expansion of the physical banking service network and mobilization against the closure of units.
This article was prepared based on information from the material provided about the closure of the Itaú branch in Itaú de Minas, with data, numbers, and statements preserved as per the consulted material.
This article includes data from the Bank Workers’ Union portal and other reliable sources such as Estado de Minas and Metrópoles.
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