June 6, 2018 / 2:40 PM / a year ago

UPDATE 1-Brazil lender Itaú Unibanco loses case over $700 million tax bill, to appeal

(Adds bank comment, share price movement)

SAO PAULO, June 6 (Reuters) - A Brazilian tax body has rejected an appeal by Itaú Unibanco Holding SA, the country’s largest private lender, of a 2.7 billion reais ($710 million) tax bill, prompting the company to pledge it will continue the appeals process.

Brazil’s Fiscal Resources Appeals Council, known as the Carf, rejected the appeal, stemming from the 2008 tie-up of Itaú and Unibanco, on technical grounds, financial newspaper Valor Economico first reported.

The technical issue related to the inclusion of certain previous tax dispute cases that the bank cited in its appeal, the paper said.

“Itau Unibanco respects - but will appeal - the decision of the Carf and is confident that its rights will be recognized in the final judgment,” the bank wrote in a statement.

Shares in Itau Unibanco fell 1.4 percent to 42.79 reais in morning trading, while Brazil’s benchmark Bovespa index was roughly flat.

$1 = 3.80 reais Reporting by Gram Slattery; Editing by Bernadette Baum and Cynthia Osterman

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