Banco Bradesco
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Banco Bradesco, short for Banco Brasileiro de Descontos, that is 'Brazilian Discount Bank', is one of the Big Four banks in Brazil, the others being Banco do Brasil, Banco Itaú and Unibanco. Bradesco is the largest private bank in Brazil. Headquartered in Sao Paulo, it has more than 2,916 branches. Bradesco offers Internet banking, insurance, pension plans, annuities, credit card services (including football club affinity cards for soccer fans) and free Internet access for customers. The bank also provides personal and commercial loans, as well as leasing services. Internationally, Bradesco has branches in New York, Grand Cayman and Nassau, and banking or financial subsidiaries or affiliates in Nassau, Luxembourg, Buenos Aires, Grand Cayman and Tokyo.
Banco Bradesco is constantly expanding and has recently acquired Banco do Estado do Maranhão, Banco Mercantil de São Paulo, and the Brazilian operations of Banco Bilbao Vizcaya Argentaria (BBVA) and J.P. Morgan Fleming Asset Management.
Bradesco's stock is traded on Bovespa, where it is part of the Índice Bovespa. It is also listed on the New York Stock Exchange (symbol BBD).
History
- 1943: Banco Brasileiro de Descontos founded in the city of Marília in the state of São Paulo. Its founders target small landowners, retailers, and government employees.
- 1946: Bradesco moved its headquarters to São Paulo.
- 1951: Bradesco grows to become the largest private bank in Brazil.
- 1970s: Bradesco acquires 17 banks throughout the country.
- 2000: Banco Bradesco Argentina commences operations in Buenos Aires. Bradesco Securities commences operations in New York.
- 2003: Bradesco buys BBVA's Brazilian subsidiary. BBVA had bought Banco Excel-Econômico in 1998 for one real (roughly USD 0,3), but sold it in 2003 to Bradesco because it realized that it would be too expensive to achieve a profitable scale. As part of the sale price, BBVA received a small equity stake in Bradesco.
External links
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