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UNI Global Union and its affiliates from the Americas have renewed their global agreement with the Brazilian banking powerhouse, Banco Itaú.

Banco Itaú is the second largest bank in Brazil and the biggest bank in the Southern Hemisphere. It has a workforce topping more than 90,000 staff members.

Angelo Di Cristo, Head of UNI Finance, said, “With radical changes to labour law in Brazil coupled with political instability, it is more important now than ever that companies there show their support for human rights. We look forward to continuing our productive relationship with Banco Itaú, and we hope more employers in the country and in the sector follow its example.”

The bank’s biggest operations are in Brazil, Argentina, Paraguay, Uruguay, and Chile, and it is also present in Colombia, the USA, Portugal, Japan and Austria.

The first global agreement, signed in 2014, took nearly two years of intense negotiation with the company to reach.

“The bank’s willingness to renew this agreement shows that cooperation, social dialogue, and respect for rights are good for workers and employers,” Marcio Monzane, UNI Americas Regional Secretary.

The agreement continues the bank’s support for the fundamental rights outlined by ILO Convention, including the freedom of association and the right to organize as unions to conduct collective bargaining. It also guarantees non-discrimination based on gender or race, while creating positive incentives for hiring indigenous people and disabled people.

In addition to Di Cristo and Monzane, Rita Berlofa, President of UNI Finance and Guillerme Maffeo, UNI Americas Finance Director were joined at the signing by representatives of UNI Finance affiliates from Argentina and Brazil. Juvandia Moreira, President of CONTRAF-CUT; Beto Von Der Osten, also from CONTRAF-CUT; Yvonne Silva from SEEBSP; Romiko Tanaka from CONTEC; and Orazio Sartori from La Bancaria attended the signing.