Banks/Banking in Brazil
Banks in Brazil are the best in some aspects. The banking system is backed by high technology such that the users receive the best. The internet options are wider in comparison to foreign banks. In fact, all the Brazilian cities have major banks operating and offering various products and services such as receiving salary or paying bills.
The top banks in Brazil are Central Bank of Brazil and BNDES, the National Bank. These are the official banks that favor social-economic objectives. Majority privatization happened as BNDES granted loans to buy companies. The other commercial banks are Bank of Brazil and Caixa. The other private banks are HSBC, Itau, Bradesco, Santander, ABN and Unibanco.
In fact, Itau and Bradesco are fighting to reach the number one position as they have most branches and clients. However, Bradesco appears to be the biggest.
The bank of Brazil is a state-owned bank showing net revenues in 2008 as $3.76 billion U.S.dollars. As per the study, it is the third profitable bank controlled by the government. Itau ranks fourth with $3.39 billion U.S.dollars net revenue of 2008 and Bradesco ranks 5th with $3.26 billion U.S.dollars net revenue, 2008. The banks in Brazil are efficient and are the best run banks with latest technology.
There are certain things that are impossible to be accomplished at U.S. banks, but can be achieved at majority Brazilian banks. Banking in Brazil is convenient as electronic transfer of funds is possible with every bank and anywhere within Brazil the money is immediately made available the very same day. Apart from the regular services, banking in Brazil also offers a plethora of products such as selling insurance, bonds, stocks, retirement plans, investments, currency trading and futures.
Banks in Brazil are many are focused towards regulating each service such as Banco Brascan looks for foreign markets, while Banco Itau is the non-government owned bank accounting for retail banking services to nearly 11%. It has subsidiaries in Chile, Uruguay, Argentina, Lisbon, New York, Tokyo and London.
Banco Meridional offers plenty of services and products, while Banco Real unifies operations. Banco Safra is the largest private sector ranking sixth and has the majority total assets, besides being the largest financial institutions.