The size of Brazil’s economy, as in previous years, is reflected in 2015's Central and South America ranking, with the country's banks taking the top five spots. The top five lenders include those with operations outside of Brazil's domestic market, such as Itaú Unibanco, which tops the regional ranking with Tier 1 capital of $36.23bn, as well as institutions with more of a local focus, such as Bradesco, which ranks third with $29.07bn of core capital.
Whereas in previous years Mexican and Chilean lenders have been the biggest threat to Brazil's dominance at the top, this year it is Venezuela that provides the stiffest competition. Thanks to substantial increases to their Tier 1 capital, two of the country's banks – Mercantil Servicios Financieros and Banesco Banco Universal – move up the ranking to sixth and seventh place, respectively. Mercantil’s Tier 1 capital grew by nearly 40% to $4.9bn, while Banesco’s $4.8bn saw an impressive 80.3% increase.
