Banco Santander (Brasil) S.A. is the

Brazil Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies by population ...

ian subsidiary of the Spanish

Santander Group Banco Santander S.A. trading as Santander Group ( , , ), is a Spanish multinational financial services company based in Santander, with operative offices in Madrid. Additionally, Santander maintains a presence in most global financial centres ...

, headquartered in

São Paulo São Paulo (; ; Portuguese for 'Paul the Apostle, Saint Paul') is the capital of the São Paulo (state), state of São Paulo, as well as the List of cities in Brazil by population, most populous city in Brazil, the List of largest cities in the ...

, Brazil. It is the fifth largest banking institution in Brazil, as well as the fifth largest in Latin America, and the largest division of the group outside

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, accounting for around 30% of its financial results globally by 2019. The bank is listed at the B3 in São Paulo, and at

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though ADRs. Founded in 1982, Banco Santander grew up in Brazil through several significant acquisitions from 1997 to 2007, which made it the fifth largest bank in the country, behind Itaú Unibanco,

Banco do Brasil Banco do Brasil S.A. (, ) is a Brazilian financial services company headquartered in Brasília, Brazil. The oldest bank in Brazil, and among the oldest banks in continuous operation in the world, it was founded by John VI, King of Portugal, on ...

, Banco Bradesco and

Caixa Econômica Federal The Caixa Econômica Federal (, ''Federal Savings Bank''), also referred to as Caixa or CEF, is a state-owned Brazilian financial services company headquartered in Brasília, Brazil. It is the fourth largest banking institution in Brazil, as ...

History

In 1997, Santander purchased Banco Geral do Comério S.A., initiating the wave of acquisitions through which it earned a position among the largest financial groups in Brazil. In 1998, it acquired Banco Noroeste S.A.. In January 2000, the Southern Financial conglomerate (Banco Meridional and Banco Bozano, Simonsen) joined the group. In November of the same year, Santander made its largest acquisition yet, taking control over Banespa, previously owned by Brazil's wealthiest state,

. After the Banespa acquisition, the financial conglomerate Santander Banespa was formed. While a strong franchise, Santander's position was still heavily concentrated in the Southeast region of Brazil. In 2007,

Banco Santander Banco Santander S.A. trading as Santander Group ( , , ), is a Spanish multinational financial services company based in Santander, with operative offices in Madrid. Additionally, Santander maintains a presence in most global financial centres ...

participated along with

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and

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in the acquisition of the Dutch financial conglomerate ABN AMRO. Santander took over ABN AMRO's Brazilian assets, mainly formed by the latter's acquisition of Banco Real, and developed a truly national platform, dropping the Banespa name and adopting the Santander Brasil franchise. On October 7, 2009 the bank went public in the São Paulo Stock Exchange, also issuing ADRs in the

. In Brazil, the IPO raised R$14.1 billion, or US$8.9 billion, the largest stock offering made in the BM&F Bovespa that year.

History

References

See also