Good morning, ladies and gentlemen. Thank you for standing by, and welcome to Itauza'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 ww.itauza.com. Bren 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.itauza.com.bren. 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 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 they will be answered at the section of questions and answers. With us today, we have Mr. Alfredo Giglio Setubo, CEO and Investor Relations Officer at Itauza Mr. Inhi Panchas, Chairman of the Board of Directors at Itauza Mrs.
Priscilla Greco Toledo, CFO at Itauza Mr. Bruno Salim Brasil, Investor Relations Manager at Itauza Mr. Renato Lulia Jacob, Head of IR and Market Intelligence at Itau Unibanco Mr. Pedro Zarem Turqueto, Vice President of Strategy at Copagas Mrs. Mariana Spidicento, Investor Relations Director at Alparagatus Mrs.
Natasha Utscher, Investor Relations Manager at DuraTechs. It is now my pleasure to turn the call over to Mr. Alfredo. Sir, you may now begin.
Thank you. It's a pleasure to be here. Thanks for the participation of Okay. Me see. We have on page two on page three, sorry, the agenda of the conference call for that we are going to cover in the next hour.
First, the scenario second, the highlights of Itau's portfolio third, Itau's results fourth, we have a presentation of Copagal, the new investment that we started to participate this year and at the end, the G and A section. Going to Page five. We had a very difficult environment last year, especially in the first semester of twenty twenty due to the pandemic of the coronavirus. But we take some actions in our company and also in the holding. The bank supported clients with a BRL50 billion renewed of loans, especially for the sector of individuals with BRL38 million and small and medium sized companies with BRL 12,000,000,000 that we renewed for our long term for our longer loans supporting the clients during especially the most worst periods of the pandemic.
We also supported clients providing credit during this period when they our portfolio of credit has shown 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 the companies all the companies. The industrial sector, we started recovering related to the real estate. Zuropech had some very good second semester of also the same result for gases.
And even the bank, we have more revenues as the economy restarted to some level of activity. In all the companies, we accelerate 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. So we improved a lot in terms of digital penetration in all the business, in all the companies that we have participation. And of course, we have to we gave support to all the employees of our companies, 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. Itauza and the family that controls Itauza and all the companies that we have participation, we have combined donation of BRL 1,500,000,000.0 for supporting actions against the donation and making Ipanusa 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 the at the 8,000 level. We make our balance to the fact of integrity and against corruption from Eptos Institute that is most recognized institute in Brazil related to these issues. So we say the fact.
And also, we became part of the Financial Times Index for good of companies with good S and G reference index. So we were very happy to also participate in this new index that it also can show their capabilities. Then on Page seven, we have a challenging year for most of the companies, of course, but we try to have an efficient capital allocation for this period. In the case of the bank, we unlock the investment value, especially related to Xispe, 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 our bargains, we continue the policy of this by investing and focusing our investments in Havana's brand and Oskling. 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 of our energy e commerce. And 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 dissolved wood pulp unit.
The investment is in the schedule. We expect in March, April next year to start the operation that is on schedule. So we are very happy that we could maintain the rhythm of the investment during the rest of year even considering the adverse conditions that we have there. And in the case of Dradex also, we finished the integration of Teclis that was the company that we bought at the end of twenty nineteen with C. U.
S. That we bought some years ago. And we finished this integration with very sound results for the company. MTS continue its constant and predictable cash flow, the company continues to perform very well. On the page eight, we have allocation of the new investment on Copagas that we are going to talk more detail about this investment with Pedro that here with us today to talk about the deal and the company and so on.
And we are very happy and confident that this is a good investment and we have very good results for the coming years with the company. And also the shift pay that we are going to have direct investment as the bank restructured its participation on ShiftP, given the reinvestment to the shareholders of Itau Unibrand, as all of you know. And Itauza will have 15% of the capital shifting and will be the second largest investment of Itauza 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 Itaoni Branco. We had 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, in 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 Zooq to accelerate. It's a technology company that brings us more than 2,000 engineers and people to accelerate our systems and apps for the coming years.
So we also increased the team inside the bank. So we finished the year with more than 3,700 new employees totally concentrated in improve our digital and technology investments 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, results of the bank reduced from 27% from 2019, which are a result of 19.1% of recurrent results from the bank. That at the end was a good result considering all the 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 BRL873 3,000,000,000 in terms of credits for customers. On page 11, we see the highlights for our Parcata. We increased 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 divest and focusing Havana and Osprey.
We finished this write off of the investment that we had in Argentina. We sold all the investment there. We finished we sold the Mizuno operation in Brazil. So we are just now with Havana and Oskal in our portfolio. We had a difficult first semester as I said, but we had a good very good second semester, especially last quarter was very good.
And so we were able to finish almost in the same level of net income of 2019 around BRL450 million. And also we keep the EBITDA of the company at the same level. So also a good result considering the circumstances. On page 12, highlights of DuraTech. DuraTech had a very difficult second quarter.
But from June, July, we stopped the recovery. We have a very good result and all the factories finished the year with full production. The company was big share of the real estate boom here in Brazil, and we are able to increase results by almost 92% compared to 2019. And we finished the year with a recurrent net income of BRL $528,000,000 against BRL $275,000,000 in 2019. EBITDA also increased a lot last year to BRL 1,300,000,000.0, a record level for DuraTech.
For both, it's our our Paragasus and DuraTech and the bank, we continue to see a recovery in 2021. So we expect the good results from the second semester to continue in this first semester for all investment that we have. In the case of E and Ps, we had an increase of 6%. We received BRL $232,000,000 from dividends and refund of capital from MTS, 10% above the number that we received in 2019 and continue to be a good investment in terms of cash flow for Ritalo. On Page 15, we talk about the main metrics and results of the company.
We released net recurring income of 7,200,000,000.0 with a reduction of 26% compared to 2019, especially because the reduction of the results of our main investment that is Itau Unibanco that we as I showed before, released reduction of results around 27%. We've seen as usual the stockholders' equity of BRL 57,000,000,000. 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 Itauza.
We have here at the corner of the right side of the Page 16, their amortization schedule for these debentures that we issued. The last one was in December 2020 to face the investment in CopaGas of €1,300,000,000 It was a very good deal for us. It was a ten year's debenture with a cost that we consider very good of interbank rate plus 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 imposed to the banks of only distribution of 25% of profits.
And we passed through all these dividends to our shareholders, 1,700,000,000.0 were distributed to our shareholders with a dividend yield of 5.5% continues to be one dividend yield highest among the companies that are listed in the GIP three here in Brazil. On page 18, we see that the sum of the parts of our portfolio values on BRL127 billion at the end of the year and the market capitalization of the company was almost BRL99 billion, what means the discount of 22.7% considering the market value and the sum of the parts. We announced yesterday, we approved the Board of Directors of Ritalusa, a buyback program of $250,000,000 shares for the next eighteen months that we consider maybe 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. So we opened again a buyback program of 50,000,000 common shares and 200,000,000 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, mostly individual in this number. And we already have more than 920,000 shareholders individual shareholders by the January. We are improving our corporate website to attend the demand for both institutional investors and especially the individuals to attend their demand. We are launching this coming day a new website more easy with more information, more tools and more simulators for the individuals institutions and that can use the site. And also we are improving and increasing our social media networks to approach information and be more close to our base of individuals shareholders.
Now we pass through the word to Pedro Zara Anto Toquito that is the Strategic Vice President of CopaGas that will talk about the company and the rationale of the acquisition of Liquid Gas by CopaGas and the investment of Ipauso in this company. Please, Pedro, go on. Thank you, Alfredo. Good morning, everybody. My name is Pedro Valentiquetto.
I'm VP of Strategy and Markets of Copagas. Here in the page 22, we're going to talk a little bit about Copagas in Grupo Zare that is holding who used to be the owner of Copagas before the entrance of Itauze. We Grubazare have two branches of business. We have three TV broadcast radio stations and websites in the Middle East of Brazil. And we have the energy side that has Copagas as the biggest company on that area.
The company was founded in sixty five years ago by Luis Zarre and his brothers in Campo Grande state of Marco Grosso Do Sul Brazil. We passed this sixty five years without doing any acquisition. So we grow organically by this time. At the year of 2019, we started looking for investors to help us to acquire lithium gas that used to be a company from Petrobras that is a state controlled company. And we decide the family decide to join with Itauanza because we thought that we have the same technical principles and also our long term strategy.
Here in the page 93, I'm going to talk a little bit about what we do. So we are a distributor of LPG. We have plants that are nearby refineries and the refineries in Brazil is basically from Petrobras. These plants are linked by pipes to the refineries. We got the LPG from the refineries.
And we call these refineries that are linked by pipes as a primary plant. So 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 Goya, Goya, Goya, Reaba and Campo Grande. And on that plant, we have two types of business. We sell field 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 CopaGas or Liquigas and they do the last mile for the final clients. And in the book business, we build tanks in the companies and the companies could be restaurants, malls, industries and we do the logistics of this gas in order to provide the products for the clients. In the next page, I'm going to talk a little bit about what is CopaGas before the acquisition of Integas. We used to have 9% of the market share in the year of 2020.
We used to sell 160,000 tons of LPG per year, sixty seventy six of these amounts by cylinders and the rest by book. Our revenue used to be BRL 2,750,000,000.00. Our EBITDA used to be BRL 138,000,000 and our net profit about BRL 50,000,000. In the next page, I'm going to talk a little bit about what is EligiGas before the acquisition. They used to sell 1,500,000 tons per year.
They used to have 21% of the market share, around BRL 60,000,000,000 of net revenue and 2,000,000 of EBITDA. On the page 26, I'm going to talk the reasons why we decided to acquire Liquigas. So first of all was unique opportunity in Brazil. So with 9% of the market share, it's going to be very hard to us to survive in this market because scale is very important here. And the landscape of this market is to open the midstream.
So 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 logistics footprint. So, think gas operating areas that we don't operate. There is a lot of scales in synergies. And so, Nicigas used to be a company from Petrobras.
So there is a lot there was a lot of bureaucracy in order to fulfill what state control company needs. The scale in the industry as I told you before, it's very important as well. So we are going to gain a lot of scale. There is something that we didn't participate when we bought the company that there is opportunity of new use of LPG in Brazil. So we have old regulations here that don't allow us to produce energy or use the product in motors.
And there is the fact that DGAS used to spend a lot in modernization of their plants. So they have state of art units. So it's very important for us. In the next page, I'm going to talk a little bit what is the company the CopaGas plus ZikaGas, what is the company post acquisition. You can see in the maps that CopaGas didn't use to have work in the north of the country and Litigas has a good position over there.
And the company together, we have we sell 1,880,000 tons of LPG per year. That number make us the biggest player in Brazil with 25% of the market share. In the next page, I'm going to talk a little bit about the macro highlights of the combined company. So we are going to have 5,000 resellers from all around the country, 15,000 points of sales, more or less 10,000,000 households served per month, four LPG cylinders delivered per second, over 30,000 companies serviced, more than 19,000 direct and indirect jobs generated, billion in revenue, billion dollars in tax base. 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 boat company in 2019 and 2020 of the companies combined. You can see that in the year of 2020, you have 2,200,000 tons sold. This is a fact that originated by the change of consumption during the pandemic. So people started to cook more at home and use more gas. So we have a growth on the consumption.
We have a growth also in the net revenue billion. And in 2019 here, just the number of two years ago, the company together have million EBITDA and R157 million in net profit. In the Page 30, I'm going to talk a little bit about capturing of synergies and where is that synergies. We have 25% of these synergies in footprint and logistics. We have 37% of the synergies in SG and 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. But the burn of LPG is a clean burn. So 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 reached more than 10,000,000 houses in Brazil, reached more than 30,000 companies. So we have a lot of data here and we are going to generate these data then try to provide products for these clients better products and solve problems to them analyzing these data. 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. So there is opportunity here for us to verticalize and develop LPG terminals ports and started 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 or two years. So we are very right now in the capture of the synergies. Entrance of Itauvira changed our governance. So we have improved a lot our governance. We have a Board that are
in the
business and three of these Board members are appointed by Group Azaria and two of them from Itau Uza. So we are learning a lot about the governance of Itau Uza and they are improving our internal governance as well. We have a new brand. We are going to launch a new brand. And we're also going to stay with the brand of Copagas and Itygas.
And both brands are very important and have a lot of recognition 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. And we are hunting for new LPG suppliers like we know that Petrobras will sell some refineries. We know that these markets will open sometime in the near future.
So we already start buying LPG from Bolivia and for Argentina as well. And we are looking for new providers of our raw material. So basically with that, I'm going to set the rules Thank you, Pedro. We are going to the last part of our presentation before the Q and A section.
On page 34, our commitment to long term and value creation. On page 35, we see the how is the capital markets and 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 that is our largest investment. On page 36, some ratios of Itauza. I think we have a very active portfolio management now with M and A group.
And at this end, 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 made. We look for cash generation and consistent results from our companies that we invest. And 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 pay out, very attractive as I said 5.5% that puts it on also in the level of the largest companies that the best payout in the stock exchange here in Brazil. And we also participate in the main index 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.
And more on the last page, what do we expect for 2021? Economy is too volatile with low growth, but we consider that our company will perform well even though this environment. Natura Tex will continue to benefit from the real estate boom in Brazil. Alphagatos also will get continue to get benefit from the consumption area. We expect the company to also like Duratex to have a very good year.
And the bank will get the benefits from this recover from economy with more credits, reduction of costs and strong growth in terms of digital transformation. We expect the in the coming months to end the restructuring of Itau Unibanco investment in Xispei. And we at Itauza, we became direct investors of Xispei with 15% of the shares of CP and this investment will be the second largest in our portfolio. Since of that, we passed through the last part of our conference call. There is the Q and A section.
Thank you. Ladies and gentlemen, we'll now begin the question and answer session. Session. Our first question comes from Chito Lombardo with Goldman Sachs. Please, Chito, you may ask.
Hi. Thank you. Good morning, everyone. Thank you for the call and taking my question. I guess, my question on the stake that you'll be getting in XP.
Just wanted to get your thoughts on your intentions with that stake, if you were trying to keep that or sell it down over time. And then also how you think about the potential share class swap where you would receive Class A shares instead of the new co shares you have and the potential loss of voting rights? Just kind of your thoughts on that. Is that a concern to you? Any color you can give on that would be helpful.
Thank you.
Thank you for your question. It's a very interesting question. I think deal that Itau Unibanco made with Chispi in the past when we became through the bank shareholders of Chispi, The deal was that at the end after many years, the bank will get the control of Shispe. This deal was changed by the Central Bank the end of the approvals and the Central Bank prohibited the bank to assume the control of XSP 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 Xispi even though we are not going to get the control of at the end. So when the bank decided this to change this and pass through the shares of ShiftP to its shareholders. It doesn't make sense anymore for ICAUSA and for the shareholders of the bank to maintain these multiple voting shares of of the state. So we accept and we approved we should speak in our shareholders' agreement that we made with them last month that we will accept the proposal of ShiftP and we vote favorably in the shareholders' meeting of the Chispard company to have the shares absorbed by Chispard in the common shares in multiple voting shares. And why that?
Because we Itauza and UPON level, we don't see this investment as strategic. So we don't need this multiple voting shares. And we prefer also to have a share with more liquidity in the market in the NASDAQ market. So we have to remember that Itau has almost 500,000 shareholders. So all these shareholders will receive shares of ShiftPart and at the end of ShiftPart.
So it's important for them to have liquidity to sell the time they want to sell these investments in the market. So that's the main reason that because we negotiate with to receive only common shares of Chispe after all this incorporation of the new the ShiftPart in ShiftPay Inc.
Thank you. That's very helpful. So just to clarify and I think you have a lockup I think until October. You mentioned this wouldn't be a strategic position in XP. I mean, 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 a very good investment. We like the case. We think Chispe will continue to grow in the market to continue to grow its profitability. So we see Shispe as a very good investment for Itauza shareholders and we are very happy to have that part of our portfolio. But at the same time, we in our material fact, we wrote that ShiftPay is not a strategic investment for Itauza, 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 rush to do that, we can reduce or even sell all the participation that we have in Xispe and use this capital to buy new companies or to buy back shares of Itauza 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. We as I said, we believe that Chispe is a very good investment and we will help Chispe 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 Xispe to have a good performance to be a lead company in the investment sector. And 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 shift also investment that came from the web asking how the shareholders of Itau will get these shares. What will happen is the first step after the restructuring of the bank, a new company will be created. That this new company will be ShiftPart. ShiftPart will have the same shareholders of Itau Unibag with almost 500,000 shareholders that I mentioned before. The second step is the incorporation of this SheSpan company in SheSpay Inc.
So at the end, all the shareholders of Itau and Ibanco will receive shares of Chispe Inc. That is tradable in the NASDAQ. And probably Chispe also will establish a BDR program here at E3 for the shareholders can be able also to sell these shares here at V3. So it's like a bonus or it's like a dividend that the shareholders of Itau Unibanco will receive. I don't know if Renato Lulea can complete this examination.
Absolutely. Thank you very much, Alfredo, and thank you for the question. Just to clarify the second part of the question, Alfredo, that Renata asks whether it would be a dilution or a bonus issuance from Itau. It's neither nor, which means that it's not going to be either a dilution of the current investor base of Itau and Ibanco nor the bank will issue a bonus in order to give its current shareholders a participation in export. What's going to happen as Alfredo just explained, we're going to as soon as we get the regulatory approvals, Itonibanco will spin off its participation in XP, which means that for every share that you hold on Itonibanco, 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 is still going to be traded inside Itau, which means if you hold Itau share even post spin off, Itau 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 with what's going be the X date. And from that moment on, you're going to have one share of Italian Banco and one share of XPAR.
I hope that clarifies, but just to be absolutely clear there will be no dilution nor a bonus issuance for it. So 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 Itauza shareholders in XP and how that would work? I did read something about Tag Along Rights.
And secondly about the strategic outlook for the portfolio the investment portfolio at Itauza. I mean 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 Itau at about 90% of assets. Now post XP
spin off,
we calculate using market prices that Itau Unibanco would be around 69% of NAV and XPart would be around 20%. So indeed as you mentioned the second largest. And then we have Duratex at around 4.5% and El Pargatas at about 5.8%. So is that and I think from what you were saying about strategically Xissei is not a long term investment or they don't 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 Itau is trading at to its NAV.
But could this also this cash at some point be used to actually increase the stake in Itau Unibanco? And would it just be a matter of what the discount to NAV if that makes sense for Itauza? Because there are some tax issues etcetera that justify some discount in my opinion. But maybe you could provide some color tag along? And how do you see the long term positioning of Itau Uribanco as part of the asset base at Itauza?
And should it go back to 90%?
Jason, thanks for your question. We signed we signed already with the Inc. Shareholders' agreement. And in these shareholders' agreement, as we released, we have some opportunities to sell parts of the stake that we have at Shispe if we wanted to do that. For example, we had some block trades opportunity.
I think it was 6 per year. If we decided to sell and we think we have a good price or a good opportunity to use that money. So we have this opportunity to sell through block trades. And also we have the opportunity if she stays designed to make an offer in the international market, we can participate with them in a secondary basis and then in a primary basis. So we have both ways to sell if we decided and when we decided to sell any stake in Chispe through the Chispe deals in the market or through broad trades that we can do stand alone 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%. It depends of course on the quotations of the shares. But we believe that upcoming in the coming years only by the growth of the bank, the result of the bank and the bank is so huge and so big that compared to the other stakes that we have together that we believe that along the years, these stakes in the bank will also be around the 90% that we had before. Of course, we will not be very, very soon, but 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.
But 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. But we don't see increasing our portfolio at this moment in shares of the bank. As I said, we believe in Chispe.
We will help Chispe through the Board of Directors to continue the pace of growth in the investment area. We think is a wonderful case that the reason the bank bought Cispe in the past some years ago. But of course, as we mentioned, very investment in The And U. And because we have this concentration already in the bank that will continue to increase the concentration, as I explained before. And also because we see that we, as controller of shareholders, in the long term, it's very difficult for us to remain shareholders of Chicopee because Chicopee and Tawinibo are competitors in the markets of investment market and in investment banking.
And Chicopee has a bank and probably increase their shares in other banking products. So the conflict of interest between Aulsa and Xispei will increase along the year. So that's another reason that we think is important to reduce even to sell all the investment that we have in Xispi 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 the all the actions that we took and are taking in these companies. And so 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 received from the bank to the shareholders of Itauza. 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. So 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. And we continue to look for more investment. It appears a good investment that makes sense and a good price that makes sense to the value creation of Repaausa for our shareholders.
Thank you for your participation and see you in the next conference call related to the first semester of results of the year. Thank you. Bye bye.
That does conclude our Itauces twenty twenty results conference for today. Thank you very much for your participation.