Bank of Brazil

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The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

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.


The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Esses dados revelam um grau de concentracao bastante elevado, destacando-se ainda o papel representado pelo Banco do Brasil e pela Caixa Economica Federal, bancos publicos que controlam 537 agencias bancarias, ou seja, 34% do total
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Apart from the US retail segment, Banco do Brasil's international expansion drive includes also markets such as Colombia, Peru and Chile.
Ao inves das privatizacoes convencionais realizadas anteriormente, o governo Lula incorporou ao Banco do Brasil dois bancos estaduais sucateados pelos governos estaduais de Sao Paulo e Santa Catarina (a Nossa Caixa e o BESC, respectivamente).
Caixa de Previdencia dos Funcionarios do Banco do Brasil
13 June 2012 - Banco do Brasil SA placed yesterday USD750m (EUR600.1m) of debt securities, Thomson Reuters' IFR service reported.
Brazil's government-controlled Banco do Brasil SA (OTC: BDORY) (BBAS3.BR), Latin America's largest bank by assets, has said that it will invest USD25m in its newly acquired US operations, with the plan of open up 20 branches in five years.
Banco do Brasil SA (RIO: BBAS3) (SOP: BBAS3), Brazil's largest state-owned bank, has announced that it will pay USD1.8bn to acquire a major stake in the finance unit of one of the nation's biggest business groups, reports Associated Press.
This tremendous access to banking information on-demand is just one of the many innovations in service that Banco do Brasil offers its customers, according to Edson Machado Monteiro, vice president of the department of Distribution & Retail of Banco do Brasil.

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