Itaú Unibanco will donate R$1 billion to combat the COVID-19 pandemic. The funds will be taken from the bank's balance sheet and will be allocated to the Itaú Unibanco Foundation, which will manage the donation. Decisions on how the money will be used will be made within the “Todos pela Saúde” initiative, which brings together seven doctors. Among them are Paulo Chapchap, who leads the group and is the general director of Hospital Sírio Libanês, and Drauzio Varella, a doctor, scientist and writer.
“The money will not go to the government because it will be used by Dr. Paulo Chapchap and his team. They will decide where to allocate the amount and how to do it. We understand that donating the money through the foundation makes more sense, since the institution already has a philanthropic profile. But the bank will not interfere in the way Todos pela Saúde will use the amount. The amount donated is treated the same as any other expense of the bank and does not enjoy any tax benefit. The money comes from the bank’s balance sheet,” says Cândido Bracher, president of Itaú.
