On August 13, state-owned Banco do Brasil made an announcement that shook the Brazilian banking industry. The bank was once again the country's largest in assets and lending, dethroning newly merged Itaú-Unibanco. The gloves are off in the fight for market share in Brazil's profitable, fast-growing credit markets.
The announcement of Banco do Brasil's asset gathering and credit performance came as a surprise to investors. In a recession, deposit-taking and lending were up hugely, and far ahead of competitors.
