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SAO PAULO, Feb 3 (Reuters) - Itaú Unibanco Holding SA will generate return on equity slightly above the cost of capital this year, meaning that Brazil's largest bank by market value will keep creating value for shareholders even as the country grapples with a steep recession, Chief Executive Officer Roberto Setubal said.
The macroeconomic and political challenges facing Brazil have raised the cost of capital, a gauge of minimum return for internal projects, to about 18 percent, from about 16 percent a few quarters ago, Setubal said at a conference call on Wednesday to discuss fourth-quarter results. (Reporting by Guillermo Parra-Bernal)