Despite three consecutive years of sluggish economic activity, Brazil’s five largest lenders have retained the leading positions in The Banker’s latest ranking of Latin American banks by Tier 1 capital. Itaú Unibanco holds onto first place as the region’s largest lender for the seventh year running, with $31.9bn in Tier 1 capital. Banco Bradesco has moved up one spot into second place, overtaking Banco do Brasil, while Banco Santander Brasil and Caixa Economica Federal round out the top five.
Brazil’s Covid-19 figures are among the world’s worst. A recent report from the International Monetary Fund forecasts that the country’s economy will shrink by 5.8% in 2020, a figure revised upwards from a more pessimistic 9.1%. Latin America is now the worst-hit region in the world both by number of deaths and confirmed cases.
