The Top Ten Largest Banks in Latin America

Nov 18, 2023 By Triston Martin

It didn't matter where you lived or what industry you worked in, and the COVID-19 epidemic impacted the whole globe. The virus reinforced existing development challenges in Latin America, resulting in reduced productivity, more social inequalities, weaker institutions, and worries about the future of environmental sustainability."

The banking industry in the area has grown at the quickest rate globally. A compound annual growth rate of 12 percent was achieved between 2012 and 2017 in the industry's revenue before the cost of risk.

Like their worldwide counterparts, Latin American banks have seen reduced development due to political volatility and dropping commodity prices. Major banks in Latin America (and the rest of the globe) are hoping to return to the double-digit annual growth they witnessed a decade ago, even if the future appears dubious.

Itaú Unibanco Holding SA

The name and logo of the bank were chosen in 1973 and are still in use today. However, its origins may be traced back to Joo Moreira Salles, who began selling coffee under Casa Moreira Salles in the mid-1920s. Coffee producers' financial services have since been expanded to include the general public.

Ita, Brazil's largest private bank, employs more than 90,000 people and serves 60 million customers. 6 Retail, corporate, and investment banking are all represented in eight countries outside of Brazil. As a result, it helps to facilitate mergers and acquisitions (M & M&A).

Banco do Brasil SA

The region's second-largest bank is a state-owned enterprise. Brasilia is home to the Banco do Brasil. 10 It was created in 1808, making it one of the world's oldest banks and the first financial organization in Brazil. 11 Banking operations are spread across 20 countries with more than 91,000 workers.

Individuals and corporations alike can use the bank's retail and business services. Asset management and foreign currency services are also available. Insurance is one of the company's additional business divisions.

  • Pensions
  • Capitalizations
  • Payment means

Banco Bradesco SA

When Banco Bradesco was created in 1943, its primary purpose was to recruit small company owners, government employees, and the general public. The company website claims it was one of the first banks in America to encourage customers to pay with checks.

Over 70 million individual and corporate clients are served by Banco Bradesco, headquartered in So Paulo, Brazil. It employs about 90,000 employees throughout 8,840 locations and expresses service centers. 15 Additionally, it provides insurance and retirement plan services.

Caixa Econômica Federal

Caixa, a government-owned financial institution, was established in 1861 and had a tight working connection with the Brazilian Ministry of Finance. 1920 When it comes to implementing income transfer programs and national housing policy, the bank has a critical role. The company also runs the country's major lottery programs.

Banco Santander (Brasil) SA

An international financial organization established in Spain, this institution was created in 1857. Europe, North and South America, and its digital bank for customers are its primary areas of concentration.

Having made its initial foray into the Brazilian banking sector as early as 1957, the institution finally launched its first branch there in 1980.

Over 53,000 people are employed by the corporation in Brazil, with 3,614 locations. Brazil has a population of 53.4 million people. 25 Chile, Argentina, Uruguay, Colombia, and Peru are also part of the company's South American footprint.

Grupo Financiero BBVA Bancomer SA de CV

Bancomer, Mexico's largest bank by assets, is a wholly-owned subsidiary of BBVA, Spain's largest bank. It was established in Mexico City in 1932. In its heyday, it was known as the Banco de Comercio. In 1982, the Mexican government took control of the business.

Among the many ways, it earns money is through retail banking, stock trading, insurance, and mutual fund management. 29 Over 1,700 bank facilities and 13,400 ATMs are part of Mexico's Groupo Financiero BBVA network.

Grupo Financiero Banorte SAB de CV

Banorte took advantage of the Mexican financial crisis of the 1990s by purchasing many banks and expanding its operations across the nation. Grupo Financiero Banorte, the bank's official name, provides retail banking, investment services, annuity, insurance products, retirement funds, and warehousing.

Banco de Crédito e Inversiones

Since 1937, the Yarur family has owned and operated the Banco de Crédito e Inversiones, which is now controlled by the third generation of the Your family. 4344 It was created to help small and medium-sized businesses.

Today, it provides a wide range of services to institutional investors and high-net-worth people, including retail and commercial banking, investment banking, private banking, and brokerage and money management. 4546 The City National Bank of Florida is also part of its holdings.

BCI has 326 locations and 988 ATMs in Chile, with its headquarters in Santiago. Aside from these countries, it has operations in the United States, Peru; Brazil; Mexico; Hong Kong; and the first Chilean bank in Hong Kong.

Banco Santander Mexico SA

Mortgages, credit cards, and personal loans are only some of the consumer goods offered by Santander Mexico. 38 The bank, a part of Santander in Spain, also caters to corporate customers. Services include pension planning, financial solutions, and foreign trade services.

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