Itaú Unibanco Holding SA is Brazil's largest private bank, the result of the 2008 merger between Banco Itaú and Unibanco. Besides Brazil, it operates in Chile, Colombia, Argentina, Uruguay and Paraguay. Its business and consumer loans represent 36% of the bank's total loans each, foreign loans now represent 28% of the bank's portfolio. Itaú also operates Brazil's fifth largest insurer and the country's second largest asset manager, giving it a wide reach of the Brazilian financial system.