Good morning, ladies and gentlemen. Thank you for standing by and welcome to Itaúsa's conference call to discuss 2020 results. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will be given at that time. As a reminder, this conference is being recorded. The file will be available at the company's website at www.itausa.com.br/en at the Investor Relations section. This conference call and the slide presentation are being transmitted via internet as well. You can access the webcast by logging on to the company's website, www.itausa.com.br/en. Before proceeding, let me mention that forward-looking statements are being made under the safe harbor of the Securities Litigation Reform Act of 1996.
Actual performance here could differ materially from that anticipated in any forward-looking comments as a result of macroeconomic conditions, market risks, and other factors. I inform that during the presentation, the questions can be sent by webcast, and it will be answered at the section of questions and answers. With us today, we have Mr. Alfredo Egydio Setubal, CEO and Investor Relations Officer at Itaúsa, Mr. Henri Penchas, Chairman of the Board of Directors at Itaúsa, Mrs. Priscila Grecco Toledo, CFO at Itaúsa, Mr. Bruno Salem Brasil, Investor Relations Manager at Itaúsa, Mr. Renato Lulia Jacob, Head of IR and Market Intelligence at Itaú Unibanco, Mr. Pedro Zahran Turqueto, Vice President of Strategy at Copagaz, Mrs. Mariana Espírito Santo, Investor Relations Director at Alpargatas, and Mrs. Natasha Utescher, Investor Relations Manager at Duratex. It is now my pleasure to turn the call over to Mr. Alfredo.
Sir, you may now begin.
Thank you. The pleasure to be here. Thanks for the participation of all. We have on page two, on page three, sorry, the agenda of the conference call that we are going to cover in the next hour. First, the scenario, second, the highlights of Itaúsa's portfolio, third, Itaúsa results, fourth, we have a presentation of Copagaz and the new investment that we started to participate this year, and at the end, the Q&A section. Going to page five, we had a very difficult environment last year, especially in the first semester of 2020 due to the pandemic of the coronavirus. We take some actions in our company and also in the holding.
The bank supported clients with a BRL 50 billion renewed of loans, especially for the sector of individuals with BRL 48 million and with small and medium-sized companies with BRL 12 billion that we renewed for longer loans, supporting the clients during especially the most worst periods of the pandemic. We also supported clients providing credit during this period when our portfolio of credit showed some growth, especially in big companies and also in vehicles and real estate loans. We, of course, in all the companies, we work hard in terms of costs and expenses to reduce and to preserve margins and be more efficient. From the June and July on, we started to see more results from all the companies. The industrial sector we start recovering. Related to the real estate, Duratex had some very good second semester, also the same with Alpargatas.
Even the bank, we have more revenues as the economy restarted to some level of activity. In all the companies, we accelerated our digital business, e-commerce for the industrial sector, digital for clients of the bank in terms of opening new accounts, new apps for clients. We improved a lot in terms of digital penetration in all the business, in all the companies that we have participation. Of course, we had to give support to all the employees of our company, for their families, and fortunately, we had very few cases of the disease among our employees during this period. On page six, we show some actions that we took last year to help the country to fight the pandemic.
Itaúsa and the families that control Itaúsa and all the companies that we have participation, we have combined a donation of BRL 1.5 billion for supporting actions against the nation, and making Itaúsa group the biggest private donator among all the companies and families in the country. We created a corporate governance commission to support the corporate governance of all the companies that we have participation and also at the Itaúsa level. We made our turn to the Pact of Integrity and Against Corruption from Instituto Ethos, that is most recognized institute in Brazil related to these issues. We signed the pact. We became part of the Financial Times Index of companies with good ESG reference index. We were very happy to also participate in this new index that Itaúsa can show their capabilities.
On page seven, we have a challenging year for most of the companies, of course, but we tried to have an efficient capital allocation for this period. In the case of the Bank, we unlocked the investment value, especially related to Shiftpay, the company that the Bank is giving its pay to shareholders of the Bank. We invest a lot in digital strategy, also in the Bank, to face the new challenges for the competition and also to help clients to use more digital apps and facilitate the use of the Bank, digital opening of new digital accounts and so on. In the case of Alpargatas, we continue the policy of investing and focusing our investment in Havaianas brand and Osklen, and we did a big focus on e-commerce, both in Brazil and outside Brazil, in terms of e-commerce, and we increased a lot Havaianas e-commerce.
For example, in the international markets, around 40% of our sales already is through the e-commerce in many countries. In Duratex, we continue to increase efficiency. We continue our investment in the dissolving wood pulp unit. The investment is in the schedule. We expected in March, April of next year to start the operation. That is on schedule. We are very happy that we could maintain the rhythm of the investment during the last year, even considering the adverse conditions that we had then. In the case of Duratex also, we finished the integration of Cecrisa, that was the company that we bought at the end of 2019, with the Ceusa that we bought some years ago, and we finished this integration with very sound results for the company. NTS continue its constant and predictable cash flow. The company continued to perform very well.
On the page eight, we have our location of the new investment on Copagaz that we are going to talk more detail about this investment with Pedro that is here with us today, to talk about the deal and the company and so on. We are very happy and confident that it's a good investment, and we have very good results for the coming years with the company. Also the Shiftpay that we are going to have direct investment as the bank restructure its participation on Shiftpay, giving the investment to the shareholders of Itaú Unibanco, as all of you know. Itaúsa will have 15% of the capital of Shiftpay and will be the second-largest investment of Itaúsa in terms of portfolio, just after the bank and above the industrial investments that we have in the portfolio.
Going to page 10, the highlights that we have in our companies during last year, starting with Itaú Unibanco. We grew our loan portfolio by 20%, especially in vehicles and small and medium-sized companies, and also in large companies, especially during the beginning of the pandemic for large companies in the first semester of last year. We continue to decrease and control our general expenses. We reduced by 2.3% and continue to invest a lot in reduction of expenses and the use of more technology in our operations. We focus a lot, as I said, on the digital transformation of the bank, in terms of digital customers, online opening accounts. We have a huge increase in digital transactions with our new and former customers.
We bought the company, Zup, to accelerate, it's a technological company that bring us more than 2,000 engineers and people to accelerate our systems and apps for the coming years. We also increase the team inside the bank. We finished the year with more than 3,700 new employees, totally concentrated in improve our digital and technology investment for the bank. In terms of results, due to the level of increase of provisions that we made for loan losses and from the reduction of the economic activity during the last year, especially in the first semester, the results of the bank reduced from 27% from 2019, with a result of 19.1% of recurrent results from the bank. That at the end was a good result considering all adversities that we faced during the year. The loan portfolio increased.
As I said, the bank supported the customer base, giving credit and renewing credit. Our portfolio increased 20% and a total of BRL 873 billion in terms of credits for customers. On page 11, we see the highlights for Alpargatas. We increase in all the regions, the volume and the market share of the company, especially we use the digital e-commerce to increase our participation. We continue to invest in focusing in Havaianas and Osklen. We finished the write-off of the investment that we had in Argentina. We sold all the investment there. We sold the Mizuno operation in Brazil. We are just now with Havaianas and Osklen in our portfolio. We had a difficult first semester, as I said, but we had a very good second semester, especially last quarter was very good.
We were able to finish almost in the same level of net income of 2019, around BRL 450 million. We keep the EBITDA of the company at the same level. A good result considering the circumstances. On page 12, highlights of Duratex. Duratex had a very difficult second quarter, but from June, July, we started the recovery. We have a very good result, and all the factories finished the year with full production. The company was beneficiary of the real estate boom here in Brazil, and we are able to increase results by almost 92% compared to 2019. We finished the year with a recurrent net income of BRL 528 million, against BRL 275 million in 2019. EBITDA also increased a lot last year to BRL 1.3 billion, was a record level for Duratex.
For both, Alpargatas and Duratex and the bank, we continue to see a recovery in 2021. We expected the good results from the second semester to continue in this first semester for all investment that we have. In the case of NTS, we have an increase of 6%. We received BRL 232 million from dividends and refund of cash stock from NTS, 10% above the number that we received in 2019, and continue to be a good investment in terms of cash flow for Itaúsa. On page 15, we talk about the main metrics and results of the company. We released a net recurring income of BRL 27.2 billion, with a reduction of 26% compared to 2019, especially because the reduction of the result of our main investment, that is our Itaú Unibanco, that as I showed before, released a reduction of results around 27%.
We finished with a stockholder equity of BRL 57 billion. On page 16, we see the capital structure. We have debt, 2% of our assets are debt. It's still low compared to the potential of Itaúsa. We have here at the corner of the right side of this page 16, the amortization schedule, for these debentures that we issued. The last one was in December 2020 to face the investment in Alpargatas of BRL 1.3 billion. It was a very good deal for us.
It was a 10 years debenture with a cost that we consider very good of interbank rate + 2.4%. On page 17, we continue the practice of distributing the dividends that we received from the bank. Of course, last year, the dividend received by the bank was lower because of the limitations of the central bank, owes to the banks of only distribution of 25% of profits.
We passed through all these dividends to our shareholders, BRL 1.7 billion were distributed to our shareholders, with a dividend yield of 5.5%, continue to be one dividend yield highest among the companies that are listed in the B3 in Brazil. On page 18, we see that the sum of the parts of our portfolio values BRL 127 billion at the end of the year, and the market capitalization of the company was almost BRL 99 billion. What means a discount of 22.7% considering the market value and the sum of the parts.
We announced yesterday, we approved the board of directors of Itaúsa, a buyback program of 250 million shares for the next 18 months, that we consider may be a big opportunity for the company to buy back shares considering the perspectives of the companies that we invest and the discount that is very high in our view, considering the portfolio that we have. We open again a buyback program of 50 million common shares and 200 million preferred shares. On page 19, we see that the company continues to be a very attractive investment, especially for individuals here in Brazil. We finished the year with 886,000 shareholders, hopefully individuals in this number, and we already have more than 920,000 individual shareholders, by the end of January.
We are improving our corporate website to attend the demand for both institutional investors and especially the individuals. To attend that demand, we are launching this coming day a new website, more easy with more information, more tools, and more simulators for the individuals and institutional investors can use the site. Also we are improving and increasing our social media networks to approach more information, and be more close to our base of individuals shareholders. Now I pass the word to Pedro Zahran Turqueto, that is the Strategic Vice President of Copagaz, that will talk about the company and the rationale of the acquisition of Liquigás by Copagaz, and the investment of Itaúsa in this company. Please, Pedro, go on.
Thank you, Alfredo. Good morning everybody. My name is Pedro Zahran Turqueto. I am VP of Strategy and Market of Copagaz. Here in the page 22, we're going to talk a little bit about Copagaz and Grupo Zahran, that is the holding who used to be the owner of Copagaz before the entrance of Itaúsa. Grupo Zahran have two branch of business. We have three TV broadcast and radio stations and websites in the Midwest of Brazil. We have the energy side that have the Copagaz as the biggest company on that area. The company was founded 65 years ago by Ueze Zahran and his brothers in Campo Grande, state of Mato Grosso do Sul, Brazil. We passed these 65 years without doing any acquisition, we grow organically by this time.
At the year of 2019, we start looking for an investor to help us to acquire Liquigás, that used to be a company from Petrobras, that is a state-controlled company. The family decide to join with Itaúsa, because we thought that we have the same ethical principles, and also a long-term strategy. Here in the page 23, I'm going to talk a little bit about what we do. We are a distributor of LPG. We have plants that are nearby refineries, and refineries in Brazil is basically from Petrobras. These plants are linked by pipes to the refineries. We got the LPG from the refineries. We call these refineries that are linked by pipes as a primary plant. In that plant, we transport the LPG for our secondary plants that are not linked by pipes.
They are far away from the refineries in cities like Goiânia, Cuiabá, Campo Grande. On that plant, we have two types of business. We sell filled gas by cylinders and by trucks. In the business of cylinders, we have 5,000 resellers from all around the country. These resellers have the look and feel of Copagaz or Liquigás, and they do the last mile for the final client. In the bulk business, we build tanks in the companies, and the companies could be restaurants, malls, industries. We do the logistics of this gas in order to provide the products for the clients. In the next page, I am going to talk a little bit about what is Copagaz before the acquisition of Liquigás. We used to have 9% of the market share in the year of 2020.
We used to sell 660,000 tons of LPG per year, 76% of this amount by cylinders, and the rest by bulk. Our revenue used to be BRL 2.75 billion. Our EBITDA used to be BRL 138 million, and our net profit, about BRL 50 million. In the next page, I'm going to talk a little bit about what is Liquigás before the acquisition. They used to sell 1.5 million tons per year. They used to have 21% of the market share, around BRL 60 billion of net revenue, and BRL 215 million of EBITDA. On the page 26, I'm going to tell the reasons why we decide to acquire Liquigás. First of all, it was a unique opportunity in Brazil. With 9% of the market share, it's going to be very hard to us to survive in this market because scale, it's very important here.
The landscape of this market is to open the midstream. On that term, as a commodity, if you have scale, it's going to be very important to us in order to have a good terms to buy LPG. There is optimization of logistic footprint, so Liquigás operate in areas that we don't operate. There is a lot of scales and synergies. Liquigás used to be a company from Petrobras, so there was a lot of bureaucracy in order to fulfill what a state-controlled company needs. The scale in this industry, as I told before, it's very important as well. We are going to gain a lot of scale. There is something that we didn't anticipate when we bought the company, but there is opportunity of new use of LPG in Brazil.
We have old regulations here that don't allow us to produce energy or use the product in motors. There is the fact that Liquigás used to spend a lot in modernization of their plants, so they have a state-of-the-art unit. It's very important for us. In the next page, I'm going to talk a little bit what is the company, the Copagaz, the Liquigás, what is the company post-acquisition. You can see in the map that Copagaz didn't use to work in the north of the country, and Liquigás has a good position over there. The company together, we sell 1.88 million tons of LPG per year. That number makes us the biggest player in Brazil, with 25% of the market share. The next page, we're going to talk a little bit about the macro highlights of the combined company.
We are going to have 5,000 resellers from all around the country, 15,000 points of sale, and more or less 10 million households served per month, four LPG cylinders delivered per second, over 30,000 companies served, more than 90,000 direct and indirect jobs generated, BRL 8 billion in revenue, BRL 1.6 billion in tax paid. The company is going to be market leader in Brazil and the largest LPG distributor in Latin America. In the next page, I show the volume of the both company in 2019 and 2020, of the companies combined. You can see that in the year of 2020, you have 2.2 million tons sold. This is a fact that originated by the change of consumption during the pandemic. People started cook more at home and use more gas. We have a growth on the consumption.
We have a growth also in the net revenue, went to BRL 8.8 billion. In 2019 here, this is the number of three years ago, the company together have BRL 350 million EBITDA and BRL 157 million in net profit. In the page 30, I'm going to talk a little bit about the capturing of synergies and where is that synergies. We have 25% of the synergies in footprint and logistic. We have 37% of the synergies in SG&A, 25% in procurement, 9% in IT, and 2% in administrative costs. In the next slide, I'm going to talk a little bit, what's going to be our goal here long term. LPG is basically a fossil fuel. You can provide LPG from biorefineries as well, but mainly it came from natural gas or oil.
The burn of LPG, it's a clean burn. In our gas, the LPG is going to be the energy of transition that's going to guide us from the world that consumes a lot of fossil fuels for a world that use more renewable energy. As I told before, we reach more than 10 million houses in Brazil, reach more than 30,000 companies. We have a lot of datas here, and we are going to generate these datas and try to provide products for these clients, better products and solve problems to them, analyzing these datas. We also have opportunities here in midstream. We have a lack of infrastructure in Brazil, in the northwest and in the north of the country. There is opportunity here for us to verticalize and develop LPG terminal ports and start the trading of the gas.
In the last page, I'm going to talk a little bit about what we are going to do in the next one years. We are very focused right now on the capture of the synergies. The entrance of Itaúsa changed our governance. We are improve a lot our governance. We have a board that are in the business group, and three of these board members are appointed by Grupo Zahran and two of them from Itaúsa. We are learning a lot about the governance of Itaúsa, and they are improving our internal governance as well. We have a new brand. We are going to launch a new brand, and we also want to stay with the brand of Copagaz and Mixgas.
Both brands are very important and have a lot of recognition in the country, and you have to use that correctly in order to have gains for the company. We have this process of digital transformation. We already started that, but we are going to invest a lot on this subject. We are hunting for new LPG suppliers. We know that Petrobras will sell some refineries. We know that these markets will open sometime in the near future. We already start buying LPG from Bolivia and for Argentina as well. We are looking for new providers of our raw material. Basically that, I'm going to pass the word for Alfredo.
Thank you, Pedro. We are going to the last part of our presentation before the Q&A section. On page 34, our commitment to long-term and value creation. On page 35, we see the Itaúsa and the capital markets, how the performance of our shares in the last years. Of course, in the recent period, more affected by the reduction of results, especially from the bank, our largest investment. On page 36, some ratios of Itaúsa. I think we have a very active portfolio management now with the M&A group. We work with a very disciplined asset capital allocation and focus on value creation for our shareholders. We have, in our view, a consistent portfolio in terms of sustainability of the business in the long term. We have a long-term vision for the investments that we make.
We look for cash generation and consistent results from our companies that we invest. We continue to look for companies that have not only cash generation, strong cash generation, but also leading brands and leading market share. In the capital markets, we continue to have a very good payout, very attractive, as I said, 5.5%. That puts Itaúsa also in the level of the largest companies that the best payout in the stock exchange here in Brazil. We also participate in the main indexes of companies, especially those here in Brazil and outside related to ESG performance. We have a very important commitment for a long time, along our history, for decades, on the ESG activities. We have a good, important look at human capital in all our companies.
We have good corporate governance practices in all the companies that we invest. In terms of ethical and strong reputation of our partners. On the last page, what we expect for 2021. Economy is still volatile with low growth, We consider that our company will perform well even with this environment. Duratex will continue to benefit from the real estate boom here in Brazil. Alpargatas also will continue to get benefit from the consumption area. We expect the company to also, like Duratex, to have a very good year. The bank will get the benefit from the recovery from the economy, with more credit, reduction of costs, and strong growth in terms of digital transformation.
We expect in the coming months to end the restructure of Itaú Unibanco investment on Shiftpay. We at Itaúsa will become direct investors of Shiftpay with 15% of the shares of Shiftpay. This investment will be the second-largest in our portfolio. Seeing all that, we pass through the last part of our conference call, that is the Q&A section.
Thank you. Ladies and gentlemen, we'll now begin the question-and-answer session. If you have a question, please press star key followed by one on your touch-tone phone now. If at any time you would like to remove yourself from the questioning queue, press star followed by two. Please restrict your questions to two at a time. Our first question comes from Tito Labarta with Goldman Sachs. Please, Tito, you may ask.
Hi. Thank you. Good morning, everyone. Thank you for the call and taking my question. I got a question on the stake that you'll be getting in Shiftpay. Just wanted to get your thoughts on your intentions with that stake, if you plan to keep that or sell it down over time. Also how you think about the potential share class swap, where you would receive class A shares instead of the Newco shares you have and the potential loss of voting rights. Just kind of your thoughts on that. If that's a concern for you, any color you can give on that would be helpful. Thank you.
Thank you for your question. A very interesting question. I think the deal that Itaú Unibanco made with Shiftpay in the past when we became, through the bank, shareholders of Shiftpay, the deal was that at the end, after many years, the bank will get the control of Shiftpay. This deal was changed by the central bank at the end of the approvals. The central bank prohibited the bank to assume the control of Shiftpay in the future. That condition changed all the business, all the rationale of the business. Of course, we accept this, and we keep the investment in Shiftpay, even though we are not going to get the control of Shiftpay at the end.
When the bank decided this, to change this and pass through the shares of Shiftpay to its shareholders, it doesn't make sense anymore for Itaúsa and for the shareholders of the bank to maintain these multiple voting shares of Shiftpay. We accept and we approved with Shiftpay in a shareholders agreement that we made with them last month, that we will accept the proposal of Shiftpay, and we vote favorably in the shareholders meeting of the Shiftpay company to have the shares absorbed by Shiftpay in the common shares and not multiple voting shares. Why is that? Because we, Itaúsa and new partner level, we don't see this investment as strategic, so we don't need these multiple voting shares. We prefer also to have a share with more liquidity in the Nasdaq market. We have to remember that Itaú has almost 500,000 shareholders.
All these shareholders will receive shares of Shiftpay and at the end of Shiftpay. It's important for them to have liquidity to sell at the time they want to sell this investment in the market. That's the main reason that because we negotiate with Shiftpay to receive only common shares of Shiftpay after all this incorporation of the Newco, the Shiftpayart in Shiftpay Inc.
Thank you. That's very helpful. Just to clarify, and I think you have a lockup, I think until October, you mentioned this wouldn't be a strategic position in Shiftpay. Do you think it's something that you would sell right away, you would sell over time? Just how you would view that investment, I guess as a minority passive investment, or how you would think about potentially getting rid of that stake over time.
We consider Shiftpay a very good investment. We like the case. We think Shiftpay will continue to grow in the market, to continue to grow its profitability. We see Shiftpay as a very good investment for Itaúsa shareholders, and we are very happy to have that part of our portfolio. At the same time, we, in our material fact we wrote that Shiftpay is not a strategic investment for Itaúsa, because we are making investments and diversification in sectors not related to financial services companies. The idea that we have is that in the coming years, without any hush to do that, we can reduce or even sell all the participation that we have in Shiftpay, and use this capital to buy new companies or to buy back shares of Itaúsa or to pay debt or to pay dividends.
I think we can use this investment as a capital result from these sales in many ways that will benefit our shareholders through investments, through reduction of debt or repurchasing shares. I think we have no hurry to do that. As I said, we believe that Shiftpay is a very good investment, and we will help Shiftpay in their performance and to help them in the board of directors that we have two members there. We continue to have two members there, so we will continue to help Shiftpay to have a good performance, to be a lead company in the investment sector. We will reduce as we think the price is correct, or we have other opportunities to use this capital in benefit of the value creation of our shareholders.
Okay. Thank you. That's very helpful.
We have a question here related to this Shiftpay also investment that came from the web, asking how the shareholders of Itaú will get these shares. What will happen is, the first step after the restructure of the bank, a new company will be created. This new company will be Shiftpayart. Shiftpayart will have the same shareholders of Itaú Unibanco, these almost 500,000 shareholders that I mentioned before. The second step is the incorporation of this Shiftpayart company in Shiftpay Inc. At the end, all the shareholders of Itaú Unibanco will receive shares of Shiftpay Inc., that is tradable in the NASDAQ, and probably Shiftpay also will establish a BDR program here at B3 for these shareholders can be able also to sell these Shiftpay shares here at B3. It's like a bonus, or it's like a dividend that the shareholders of Itaú Unibanco will receive.
I don't know if Renato Lulia can complete this explanation.
Absolutely. Thank you very much, Alfredo, and thank you for the question. Just to clarify the second part of the question, Alfredo, that Renato asks whether it would be a dilution or a bonus issuance from Itaú. It's neither nor, which means that it's not going to be either a dilution of the current investor base of Itaú Unibanco, nor the bank will issue a bonus in order to give its current shareholders a participation in Shiftpayart. What's going to happen, as Alfredo just explained. As soon as you get the regulatory approvals, Itaú Unibanco will spin off its participation on XP, which means that for every share that you hold on Itaú Unibanco, you're going to also have one share on XPart.
Important to mention as well that until the moment that, as Alfredo mentioned, that either XPart is listed in B3 or XPart is consolidated within XP and therefore the investors on XPart get an XP share. The participation on XP still will be traded inside Itaú, which means if you hold an Itaú share, even post spin-off, Itaú is going to be traded at B3, including XP. When we have clarity about either the date that XPart will be listed on B3 or XPart will be consolidated and merged within XP, we're going to announce to the markets what's going to be the X date. From that moment on, you're going to have one share of Itaú Unibanco and one share of XPart. I hope that clarifies, just to be absolutely clear, there will be no dilution nor a bonus issuance for Itaú.
It's simply a spin-off of XP participation on the bank.
Our next question comes from Jason Mollin with Scotiabank. Please, Jason, you may go ahead.
Hi, thank you. Well, I'll stick on the same theme for now. I just wanted to ask about tag-along rights for Itaúsa shareholders in XP and how that would work. I did read something about tag- along rights. Secondly, about the strategic outlook for the investment portfolio at Itaúsa. You've mentioned for some years now, particularly when you were making some of the more recent acquisitions, that the strategy would be to maintain Itaú at about 90% of assets. Now, post XP spin-off, we calculate using market prices that Itaú Unibanco would be around 69% of NAV, and XPart would be around 20%. Indeed, as you mentioned, the second largest. Then we have Duratex at around 4.5% and Alpargatas at about 5.8%.
I think from what you were saying about strategically, Shiftpay is not a long-term investment, or you don't see it strategically in the long term being held. I guess another option that you didn't mention, but I think indirectly, I see the discount that Itaúsa is trading at to its NAV, but could this cash at some point be used to actually increase the stake in Itaú Unibanco? Would it just be a matter of what the discount to NAV, if that makes sense for Itaúsa? Because there are some tax issues, et cetera, that justify some discount, in my opinion. Maybe you could provide some color tag- along, and how do you see the long-term positioning of Itaú Unibanco as part of the asset base at Itaúsa? Should it go back to 90%?
Hello, Jason. Thank you for your question. We signed already with Shiftpay Inc. shareholders agreement. In this shareholders' agreement, as we released, we have some opportunities to sell parts of the stake that we have at Shiftpay if we wanted to do that. For example, we have some block trades opportunities, I think it was six per year, if we decided to sell and we think we have a good price or a good opportunity to use that money. We have this opportunity to sell through block trade. Also, we have the opportunity, if Shiftpay decide to make an offer in the international market, we can participate with them in a secondary basis and then in the primary basis. We have both ways to sell if we decided and when we decided to sell any stake on Shiftpay.
Through the Shiftpay deals in the market or through block trades that we can do standalone if we decided to do that. In the case of dilution, yes, the stake of the bank will reduce, as you said, to around 70%, 75%. Depends, of course, on the quotations of the shares. We believe that in the coming years, only by the growth of the bank, the result of the bank. The bank is so huge, it's so big that compared to all the other stakes that we have together, that we believe that along the years, this stake in the bank will also be around the 90% that we had before. Of course, we will not be very soon.
We believe that this probably will happen in some years organically, only by the results of the bank, will take us back to this level of around 90%. I don't know exactly when. We continue to invest in other companies. We are not considering increasing our participation in the bank. This will depend a lot on price opportunity that maybe we can have. We don't see increasing our portfolio at this moment in shares of the bank. As I said, we believe in Shiftpay. We will help Shiftpay through the board of directors to continue the pace of growth in the investment area. We think Shiftpay is a wonderful case that the reason the bank bought Shiftpay in the past, some years ago.
Of course, as we mentioned, Shiftpay is not a strategic investment for Itaúsa that want to diversify outside the financial services companies, because we have this concentration already in the bank that will continue to increase the concentration, as I explained before. Also because we see that we as controller of shareholders, in the long term, is very difficult for us to remain as shareholders of Shiftpay, because Shiftpay and Itaú are competitors in the markets, of investment market and investment banking, and Shiftpay has a bank and probably will increase their shares in other banking products. The conflict of interest between Itaúsa and Shiftpay will increase along the years. That's another reason that we think is important to reduce and even to sell all the investment that we have in Shiftpay in the coming years. I think that's all. I answered all your three points.
I think so.
Yes. Thank you very much. Appreciate it.
This concludes today's question-and-answer session. Mr. Alfredo, at this time, you may proceed with your closing statements.
Thank you all for the participation. I think we had a very good conference call. We are very confident in the investment that we have. I think all the companies will have a very good year with the recovery of the economy, with all the actions that we took and have taken in these companies. We are very confident that we are going to have a very good year in terms of performance of our companies, and probably we are going to receive more dividends from the companies, from the bank, and we will continue that practice of passing through the dividends that we receive from the bank to the shareholders of Itaúsa. We are confident that our dividend yield will continue to be very good compared to most of the companies in the B3 that are traded here in the market.
We are very confident that we are going to have a very good year, and we are very confident in the investments that we make, that we have. We continue to look for more investment, if appears a good investment that makes sense and a good price that makes sense to the value creation of Itaúsa for our shareholders. Thank you for your participation, and see you in the next conference call related to the fourth semester of results of the year. Thank you. Bye-bye.
That does conclude our Itaúsa's 2020 results conference for today. Thank you very much for your participation.