Banco do Brasil

Banco do Brasil S. A. is the largest and oldest bank in Brazil. It is headquartered in Brasília.

The Bank is one of the world's most profitable banks and was, according to the Financial Services Economatica the five most profitable North and South America. The largest source of income are loans to the state. A high difference between deposit and lending rates, the benchmark interest rate in May 2006 was 17%, the bank earns good.

History

A bench of the same name was already on October 12, 1808 by the Portuguese King John VI. founded and should finance the exile residence of the court. The foundation should be funded by the issue of shares, the subscription of the 1200 shares but withdrew due to lack of interest from a long way off, in 1812 were just 126 shares placed. It was not until 1817 all shares were subscribed. The Return of the King to Portugal in 1821, he emptied the accounts of the Bank and the Bank was the first time bankrupt.

1833, the bank was closed, but, on 8 October, the recovery has been decided. On August 21, 1851 Irineu Evangelista de Souza founded in Rio de Janeiro a new bank named Banco do Brasil. 1853, joined them together with the Commercial Bank of Rio de Janeiro, which meant an increase in capital of the bank on 30,000 Real. In 1986 the Bank from its function as a central bank to the Brazilian Central Bank. 2005, they increased, contrary to the country's trend, the number of employees by 5,000 to 95,000, to give partially to former politicians a job. The bank now has about 4,000 stores (2006).

In 2008, the Brazilian bank Banco Nossa Caixa was taken.

Relations with the government

The bank is heavily used by the political leadership for the respective policy objectives. Typically, the CEO is determined by the Brazilian President from a list of candidates. The Bank has a monopoly on the granting of some support programs such as Pronaf (National Agricultural Programme), DRS, Fome Zero, Pasep and is the main bank of most administrative bodies.