By The largest banks in Brazil are not only focusing on physical currency but also providing preparations for digital currencies in the form of crypto. It has been proven that many successful banks have adapted to technological advancements in the financial sector, providing convenience in various transactions without the need for physical currency.
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Largest Banks in Brazil
1. Itau Unibanco
One of the banks with the largest assets in Brazil has officially launched a crypto trading service for cryptocurrencies such as Bitcoin and Ether. This service will continue to evolve by adding more cryptocurrencies in the future.
The bank not only offers a trading platform but also acts as a crypto custodian, meaning it will store the crypto assets owned by its customers. Initially, customers were not introduced to depositing or withdrawing crypto using external crypto wallets.
When launching the digital asset custody service with Antunes, it was stated that 85% of customers were interested in storing their crypto assets in their bank. This announcement came after two local players, XP Investimentos, and PicPay, announced their withdrawal from the crypto market.
2. Bank of Brazil
As one of the largest banks in Brazil with significant assets, the Bank of Brazil operates not only in Brazil but also in Latin America, ranking third in terms of market value.
The bank has its headquarters in Brasilia, established in 1808, making it one of the oldest active banks in Brazil and one of the oldest financial institutions in the country.
Although the government controls the bank, its shares are traded on the Sao Paulo Stock Exchange, and it follows international banking management standards. Since 2000, it has been one of the four banks with the highest profits in Brazil, with a strong leadership position in retail banking.
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3. Caixa Economica Federal
Also known as CAIXA, Caixa Economica Federal is a successful financial institution with public company status and its own assets and administrative autonomy. It has its headquarters in Brasilia, specifically in the Federal District, with branches spread across the country.
The bank integrates the national financial system by assisting in successful federal government credit policies, providing decision-making and discipline regarding regulations to the Ministry of Economy, and overseeing the Central Bank’s activities.
It offers outstanding banking services approved by the National Monetary Council, with its accounts and operations subject to federal audit and judicial decisions.
It currently has 53.8 thousand service points, 26.7 thousand Self-Service Points, 13.4 thousand lottery units, 4.3 thousand agency and service points, 9 truck agents, 9 thousand banking correspondents, and two boat agents present in more than 99% of Brazilian municipalities.
4. Banco Bradesco
Banco Bradesco is the largest bank in Brazil and a successful financial services company with its headquarters in Osasco, Sao Paulo, Brazil.
It is the largest banking institution in Brazil and Latin America and one of the 50 most valuable banks in the world, listed on B3 in Sao Paulo, part of the Bovespa Index on the New York Stock Exchange, and the Madrid Stock Exchange.
The bank provides major financial services, including commercial banking, internet banking, pension programs, insurance, credit card services (including affinity cards for football fans or customers), annuities, and savings bonds. It also offers personal and commercial loans and leasing services.
Bradesco pioneered the use of biometric ATM reading systems in Brazil, allowing customers to be identified by their hand vein patterns and serving as a complementary password.
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5. Nubank
Nubank is also one of the largest banks in Brazil and a successful neobank with its headquarters in Sao Paulo, Brazil. It is the largest Fintech bank in Latin America, with 80.4 million customers in Brazil and 1.51 million in Colombia and Mexico, generating revenue of $1.69 billion.
Nubank was founded in 2013 by David Veles from Colombia, Edward Wible from the United States, and Cristina Junqueira from Brazil, with the first Nubank card transaction taking place on April 1, 2014.
Within the next four years, the bank became a unicorn startup with a valuation of $1 billion. In its first two years, the company raised R$600 million. In September 2014, it raised $14.3 million from Sequoia Capital, Kaszek Ventures, and Nicolas Berggruen.
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It launched its first financial product, an international MasterCard credit card with no annual fees, fully managed through a mobile app. In June 2015, the bank led a Series B investment round with Tiger Global Management.
