Caixa Econômica Federal

Caixa Economica Federal, Brazil also briefly CAIXA ( German: Sparkasse ), is a Brazilian bank and a state financial services provider in South America.

CAIXA manages more than 32 million customer accounts in which more than 148 billion Brazilian reals are kept. It has several thousand offices throughout the country.

In addition, Caixa is the administrator of most Brazilian lotteries, such as Mega - Sena.

History

The bank was founded on January 12, 1861, Caixa Econômica e Monte de Socorro in Rio de Janeiro, in order to offer even poorer people banking services. In subsequent years, additional savings banks were founded in other Brazilian cities, but by 1967 all were merged with the CAIXA.

In the 1970s, CAIXA recorded a very positive development, because of the monopoly-like position in the savings of poor people and the fact that it had one of the few licenses as a pawnbroker. As part of the modernization of the Brazilian banking system in the 1980s, many competitors entered the market and put the CAIXA under significant competitive pressure. This subsequently led to a streamlining of the bank in the 1990s.