Bank of Brazil

Bank of Brazil

 

(Banco do Brasil), the largest commercial bank in Brazil. Prior to the organization of the Central Bank of Brazil (1965), this bank performed some of the functions of the nation’s central bank. A majority of the stock belongs to the government.

The Bank of Brazil was established in 1808 with the right to issue bank notes and functioned up until 1829. It was reestablished in 1851 and in 1853–54 underwent a fundamental reorganization. Since the proclamation of the republic (1889), the Bank of Brazil has played a leading role in the nation’s credit system. Special organs of the bank have supervised the credit and currency system of Brazil. During certain periods the bank has been entrusted with the issuing of import and export licenses. The Bank of Brazil had the right to issue bank notes until 1946; according to the Constitution of 1946, this right was given exclusively to the national treasury. The chairmen, directors, and certain other officials of the bank are appointed by the president of the republic. In 1968 the Bank of Brazil had 645 branches in Brazil and subsidiaries in Argentina, Bolivia, Paraguay, Uruguay, and Chile. Its stock capital at the beginning of 1968 was 60 billion cruzeiros, reserve capital was 496 billion cruzeiros, deposits were 11.9 trillion cruzeiros, and credits extended to the national economy were 14.9 trillion cruzeiros.

M. G. POLIAKOV

References in periodicals archive ?
Global Banking News-June 5, 2015--Central bank of Brazil hikes interest rates
L), a global leader in infrastructure software for the enterprise, today announced that the Bank of Brazil (Banco do Brasil S.
Sponsoring organizations are the following: Bank of Algeria, National Bank of Belgium, Central Bank of Brazil, Bank of Canada, People's Bank of China, Bank of England, European Central Bank, Bank of France, Deutsche Bundesbank, Bank of Greece, Hong Kong Monetary Authority, Central Bank of Iceland, Bank of Italy, Bank of Japan, Netherlands Bank, Norges Bank, Bank of Portugal, Central Bank of Russian Federation, Monetary Authority of Singapore, Bank of Spain, Sveriges Riksbank, Swiss National Bank, Central Bank of Turkey, Federal Reserve Board, and Bank for International Settlements.
The Central Bank of Brazil has issued new rules regarding bank check transactions by financial institutions.
NEW YORK -- Fortress Investment Group LLC (NYSE: FIG) received the highest ranking from the Central Bank of Brazil for the accuracy of its interest rate forecasts.
Global Banking News-March 11, 2015--Board member to leave central bank of Brazil
Swaziland has decided to coordinate with the Central Bank of Brazil to help inform the creation of the domestic Financial Inclusion Strategy.
We need a continuous shock to increase productivity," says Daniel Gleizer, director of the Central Bank of Brazil.
NYSE: MS) today announced that Francisco Gros, who was President of the Central Bank of Brazil in 1987 and from 1991 through 1992, has joined the Firm as a Senior Advisor.
The transaction is subject to approval by the Central Bank of Brazil and is expected to close by the middle of 2007.
Global Banking News-September 30, 2014--Central bank of Brazil lowers inflation forecast
The Bank of Brazil s resident director, Angelo Mendes Lima has announced that the bank the has provided funding of approximately US$2 billion last year for execution of contracts in Angola by Brazilian construction firms.

Full browser ?