More than a way to create competitive advantage, IT plays a fundamental role in the banking market. IT Governance provides tools to manage IT structures and processes in order to appropriately support the business strategy. Implementing new IT Governance in a bank may be very challenging, especially when technical literature has not many examples in developing markets. Using an action research methodology, this paper intends to contribute to the body of knowledge by describing the phases of an implementation in a major Brazilian bank. Although some phases are not concluded, the proposed models and findings as the importance of a strong sponsorship, the workforce engagement, the commitment with new functions in order to bypass issues related to the reduction of “operational freedom” and power limitations are presented.