If you’re looking at the biggest banks in Latin America, chances are you’re looking at Brazil. A recent report by S&P Global shows that 5 out of the top 10 largest banks in Latin America come from this South American powerhouse. That’s right, half of the biggest players in the region are Brazilian banks!
These Brazilian banks aren’t new to the game. Some of them have been around for over 100 years, which means they have a long history of serving customers. Let’s explore the top 5 Brazilian banks and find the best bank in Brazil for you:
1. Itaú Unibanco Holding SA
This bank is the leader of the pack with a massive $439.50 billion in assets. Founded in the 1920s, they started by helping coffee growers and have grown into a giant serving millions of people across Brazil.
They also have a stake in a separate company called XP Investimentos. This company helps people invest their money by offering a wide range of options and acting as a manager for those investments.
Itau Unibanco itself is a publicly traded company, meaning anyone can invest in it. Their headquarters are located in São Paulo, Brazil.
2. Banco do Brasil SA
This government-controlled bank is no youngster either! Established in 1808, it’s almost 200 years old. With a large network of employees, Banco do Brasil offers a wide range of services, from helping you save money to assisting businesses with their financial needs.
This government-owned bank played a key role during the coronavirus pandemic. They increased credit limits by $19 billion to help people, businesses, and local governments cope with the financial difficulties.
3. Banco Bradesco SA
Founded in 1943, this bank had a unique approach: focus on everyday people!
Unlike other banks that catered to the wealthy, Banco Bradesco went after small businesses, government workers, and regular folks. With a vast network of branches, they serve more than 77 million customers in Brazil. They have their headquarters in Osasco, Brazil.
They offer a variety of accounts, including checking, savings, and different types of deposit accounts.
4. Caixa Econômica Federal
Established in 1861, this bank works closely with the Brazilian government. They play a key role in social programs by managing financial assistance for people in need.
Originally created to collect national savings, Caixa has evolved into a key player supporting public initiatives.
They fund crucial projects like housing developments, sanitation improvements, infrastructure upgrades, and urban development. Beyond public projects, Caixa offers everyday banking services like savings and checking accounts, online banking options, and even investment opportunities.
They also stepped up during the pandemic by releasing emergency loans through their digital social savings accounts, which can be accessed through the Caixa Tem app.
This app empowers users to pay bills with emergency funds, make purchases in stores with a virtual debit card, and utilize contactless payments through QR codes.
While actively aiding Brazilians, the pandemic has also impacted Caixa.
They also help the government put important plans like affordable housing into action.
5. Banco Santander (Brasil) SA
Banco Santander Brasil, a subsidiary of the massive Spanish banking group Santander Group, caters specifically to both everyday individuals (retail banking) and businesses (wholesale banking).
They’ve been actively growing their services in recent years through various strategic moves.
This includes acquiring GetNet, a company specializing in electronic payments, to streamline transactions.
They’ve also partnered with another company to offer payroll loans and credit cards, and collaborated with Banque PSA Finance, likely to expand into a specific financial service area.
Additionally, they launched Superdigital, an online pre-paid card system, and partnered with American Airlines to offer co-branded credit cards for frequent flyers.
While headquartered in Spain, Banco Santander has a significant presence in Brazil. This European giant entered the Brazilian market in 1957 and has grown to employ over 58,000 people across the country.
Conclusion
Brazil’s strong economic growth is likely a big reason for the success of its banks. Even when their currency faced fluctuations, these banks maintained their top positions as one of the largest companies in Brazil. As Brazil’s economy continues to develop, it will be interesting to see how these banking giants evolve and continue to shape the financial landscape of Latin America.
