Banco Itau Holding Financeira S.A. (or Itau), Brazil's second largest private bank with R$210 billion in assets (US$98 billion) at 2006 yearend, provides a broad range of traditional and nontraditional banking and financial services. The company operates through three segments: Banco Itau BBA (corporate banking), Itaubanco (retail banking for account holders), and Itaucred (retail banking for nonaccount holders). Itaubanco is the largest segment by far, contributing over two-thirds of net income. This is followed by Banco Itau BBA (also known as Itau BBA), accounting for roughly 20% of net income, and Itaucred, which generates approximately 10% of net income. Retail banking operations for account holders encompass the company s credit cards, asset management, insurance, and pension plan products, while nonaccount holder transactions include credit cards, products marketed outside the branch network, and credit products for the low-income population. The retail bank s clientele includes individuals, mid-sized businesses, and large corporations. While operations are locally focused in southeastern Brazil, the bank also operates internationally in North America and Europe. In Brazil, the bank had 12.9 million active customers with 2,603 branches and 23,096 ATMs at yearend 2006. Banco Itau is an industry leader in several segments of the Brazilian financial markets, particularly in the corporate and high-income clients segments. Banco Itau's main competitors in the Brazilian retail banking industry are Bradesco (a major force in the local retail industry), Unibanco (focused on the high-income segment), and Banco do Brasil (a state-owned bank).