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The 10 Biggest Latin American Banks

After a interval of fast enlargement, the Latin American banking sector has skilled slower progress lately due to political upheaval and plummeting commodity costs. Whereas the long run appears to be like unsure, main banks are hoping they will return to the double-digit annual progress they noticed a decade in the past.

As of April 30, 2021, the biggest banks in Latin America are largely concentrated in three nations, based on the market intelligence agency S&P World. Brazil claims the 5 largest establishments by asset size, whereas three are headquartered in Mexico, one relies in Colombia, and one other resides in Chile. Right here is our analysis of every one.

Key Takeaways

  • The most important Latin American banks are in 4 nations: Brazil, Mexico, Columbia, and Chile.
  • Brazil has the 5 largest monetary establishments by asset dimension.
  • The most important financial institution in Latin America is Itaú Unibanco Holding SA, primarily based in Brazil.

1. Itaú Unibanco Holding SA

  • Belongings: $369.53 billion (June 30, 2021)
  • Headquarters: Brazil

The most important financial institution in Latin America, Itaú does enterprise in 21 nations and operates greater than 33,000 service factors worldwide. The privately-owned firm offers conventional company banking providers in addition to funding banking operations and merger and acquisition support.

2. Banco do Brasil SA

  • Belongings: $329.38 billion (Sept. 30, 2020)
  • Headquarters: Brazil

The federal government-controlled Banco do Brasil, with roughly $# billion in belongings, is Latin America’s second-largest financial institution. On high of lending to people and companies, the financial institution additionally affords asset administration providers and foreign exchange capabilities. Based mostly in Brasilia, the financial institution has a presence in additional than 23 nations.

3. Banco Bradesco SA

  • Belongings: $295.14 billion (March 31, 2021)
  • Headquarters: Brazil

Headquartered in São Paulo, Banco Bradesco serves the person in addition to enterprise shoppers. Along with its banking merchandise, it affords insurance coverage providers and retirement plans. Based in 1943, Bradesco operates some 4,746 branches and owns 34,859 ATMs.

4. Caixa Econômica Federal

  • Belongings: $277.44 billion (June 30, 2021)
  • Headquarters: Brazil

Established in 1969, Caixa is a “non-public authorities entity” with an in depth relationship to the Brazilian Ministry of Finance. The financial institution performs a key position in executing revenue switch applications and placing nationwide housing insurance policies into impact. It additionally manages the nation’s foremost lottery applications.

5. Banco Santander (Brasil) SA

  • Belongings: $175.46 billion (June 30, 2021)
  • Headquarters: Brazil

Like a number of different Latin American banks, Santander Brasil is definitely half of a bigger European financial institution—on this case, Spain-based Santander. Along with retail banking, bank cards, and residential loans, the group affords asset administration and industrial banking providers. 

6. Grupo Financiero BBVA Bancomer SA de CV

  • Belongings: $125.28 billion (April 15, 2020)
  • Headquarters: Mexico

Mexico’s largest financial institution by way of belongings and deposits, Bancomer is a subsidiary of the Spanish firm BBVA. Its income stream contains retail banking operations, inventory brokerage providers, insurance coverage, and mutual fund administration. BBVA Bancomer now has greater than 78.1 million clients, 7,744 financial institution areas, and a community of 4,286 ATMs.

7. Grupo Aval Acciones y Valores SA

  • Belongings: $103.29 billion (June 30, 2021)
  • Headquarters: Columbia

8. Grupo Financiero Banorte SAB de CV

  • Belongings: $89.06 billion (March 31, 2021)
  • Headquarters: Mexico

Banorte was opportunistic within the wake of the Mexican monetary disaster within the Nineties, buying a number of banks and constructing its presence all through the nation. Formally often called Grupo Financiero Banorte, the financial institution affords retail banking merchandise in addition to funding providers, annuity and insurance coverage merchandise, retirement funds, and warehousing capabilities.

9. Banco Santander México SA Institución de Banca Múltiple Grupo Financiero Santa

  • Belongings: $81.95 billion (July 30, 2021)
  • Headquarters: Mexico

Santander Mexico offers a variety of client merchandise, together with mortgages, bank cards, and private loans. The financial institution, a division of Spain-headquartered Santander, additionally caters to enterprise shoppers. Providers embody pension planning providers, financing options, and overseas commerce providers. 

10. Banco de Crédito e Inversiones

  • Belongings: $74.13 billion (June 30, 2021)
  • Headquarters: Chile

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