May 2026
📣 VC round data is live. Check it out!
Largest Commercial Banking Public Companies in Brazil
Benchmark revenue and EBITDA valuation multiples for public comps like
Itaú, Banco Bradesco, Banco do Brasil, Santander Brasil and Banco Pan.
 | Itaú Unibanco is the largest privately held bank in Brazil, the result of the 2008 merger between Banco Itaú and Unibanco. In addition to Brazil, the bank has significant operations in Chile, Colombia, Argentina, Uruguay, and Paraguay. Itaú's commercial and consumer loans account for 35% and 43% of the bank's total loans, respectively, while foreign loans account for 22% of its portfolio. The bank also operates the fifth-largest insurer in Brazil and is the second-largest asset manager in the country, giving it broad reach over the Brazilian financial system. | $8 | +28% | $88B | $139B | 4.2x | - | ||
| Banco Bradesco is Brazil's second-largest private bank, with about 10%-15% of deposits, and the largest insurance provider in Brazil, with roughly 20%-25% market share. The bank is majority controlled by the Bradesco foundation, a private nonprofit institution focused on education. The bank is also a major asset manager with high-single-digit market share. In 2016, Bradesco acquired the Brazilian operations of HSBC. | $3 | +7% | $35B | $70B | 2.7x | - | ||
| Banco do Brasil SA BB Brasil is a Brazilian financial services company present in several countries. The business segments are Banking, Investments, Fund Management, Insurance, Electronic payments, and others. Majority of the revenue is generated from its Banking segment. Banco do Brasil serves retail clients (small and midsize enterprises and individuals), wholesale clients (corporations), and public institutions. The products and services portfolio includes accounts, Loans, cards, financing, and others. | $4 | -5% | $23B | $59B | 2.0x | - | ||
| Banco Santander (Brasil) SA is part of Santander Group, a Spanish bank. It operates across two segments; the Commercial Banking segment, catering to both individual and corporate client and the Global Wholesale Banking segment, which encompasses Investment Banking and Markets operations, including the Treasury and Equity Business Departments. The bank generates majority of its revenue from the Commercial Banking segment and has operations in Brazil and internationally. | $6 | -- | $23B | $28B | 1.8x | - | ||
| Banco PAN is São Paulo-based financial institution controlled by BTG Pactual and Caixa Econômica Federal that offers consumer credit, vehicle financing, payroll loans, credit cards, insurance, and digital banking to retail customers in Brazil. It operates through a network of correspondent agents and online channels. Established in 1969 and restructured in 2011, the bank emphasizes financial inclusion for underserved segments via partnerships with retailers and employers. | $2 | -- | $3B | $5B | - | - | ||
| BCO Nordeste do Brasil SA provides various financial products and services to economic and institutional agents, and private individuals. It provides current and checking accounts; credit card, personal credit, and overdraft services; and investments products, as well as car, life, residential, and lender insurance services. The company also provides financing programs, collection, reinvestment, capital market, foreign exchange and trade, microfinance, credit programs for the public sector, transfers and covenants, and payroll services. | $21 | +19% | $2B | $7B | 2.4x | - | ||
| Banco Mercantil do Brasil SA offers commercial banking services. It offers personal and corporate credit cards, lease financing, business financing services, Internet banking, and other financial services. The company offers checking and savings accounts, and time deposits and funds; payroll-deductible loans, personal loans, overdraft facilities, credit cards, and vehicle financing services; private pension, insurance, and capitalization products and services; and collection, payment of taxes and fees to individuals. | $14 | +112% | $2B | $4B | 3.5x | - | ||
| BCO Estado do Rio Grande do Sul SA is a Brazil-based commercial bank that provides personal and corporate banking services. It provides financial services such as multiple banks, providing brokering services, consortia, card management, and warehouses. The company with its subsidiaries and affiliates operates commercial, lending, financing and investment, mortgage loan, development, leasing, and investment portfolios, including foreign exchange transactions, securities brokerage, and credit card and consortium management. | $3 | +40% | $1B | $3B | 1.8x | - | ||
| Banco ABC Brasil SA operates as a commercial bank specializing in lending and providing services for mid-size and large companies. It focuses on asset and liability operations across multiple banking activities and is authorized to operate in commercial banking, foreign exchange, investment banking, credit, financing, and real estate credit. The company's activities also include debt and equity capital markets, mergers and acquisitions, project finance, energy trading, and insurance brokerage. It derives the majority of its revenue from financial guarantees provided. | $5 | +13% | $1B | $4B | 6.3x | - | ||
| Banco Da Amazonia SA is the federal financial support institution that promotes the development of the Amazon Region. It finances major infrastructure projects, lends to rural and urban businesses, and offers credit cards and mutual fund investments. | $14 | -4% | $770M | $1B | 1.0x | - | ||
| Banco Bmg SA formerly is a Brazilian company that operates as a multiple-service bank with commercial and credit, financing and investment portfolios. The company operates in three segments: Retail Banking, Wholesale Banking and Insurance. offers as retail products: payroll credit card, payroll loan, personal credit and mass market insurance via partnership. It also provides a full range of retail products and services available to its clients through its digital bank. Wholesale customers are offered financing, structured financial services, derivative instruments and collateral insurance. | $1 | +43% | $647M | $2B | 1.7x | - | ||
| Banestes SA Banco Estado Espirito operates as a bank. Its activities are focused on the credit operations. It also operates in foreign exchange market, offering products geared mainly to finance imports and exports like letter of credit. The Bank offers credit, securities brokerage services, foreign exchange, and other financial services. | $2 | +17% | $607M | $913M | 2.4x | - | ||
| Patria Renda Urbana - Fundo De Investimento Imobiliario Resp Ltd formerly Credit Suisse Hedging-Griffo CV SA is engaged in the development of urban real estate projects for institutional and commercial use, that potentially generate income through sale, lease, or rental, prioritizing the acquisition of institutional or commercial real estate projects other than office buildings, shopping malls, or logistics facilities. | $26 | +8% | $600M | $537M | 11.4x | 14.0x | ||
| BRBI BR Partners SA, formerly BR Advisory Partners Participacoes SA, is engaged in investing in other companies, domestic or foreign, as a partner, quota holder, or shareholder, and management of its assets. It has a single reportable segment being investment banking services, which are administered and managed according to the products offered. | $4 | -- | $385M | $2B | 0.9x | 47.5x | ||
| BRB Banco de Brasilia SA provides commercial banking products and solutions to individuals and corporates. The company offers current accounts, loans and financing facilities, investment products, and debit and prepaid cards. It also offers insurance products, such as company, car, residence, life, and condominium insurance. | $1 | -53% | $364M | $1B | 1.4x | - | ||
| BCO Estado do Para SA a multiple service bank operating in the areas of commercial banking, real estate loans, as well as financing and investments in the state of Para. It provides services like payment management, internet banking and benefit card. | $36 | -- | $340M | $915M | 1.9x | - | ||
| Banco Pine SA is a banking company. It operates commercial, credit and financing and foreign exchange portfolios. The company's operations are conducted in the context of a group of institutions which act jointly, and certain transactions involve the co-participation or intermediation of member companies of the Pine financial conglomerate. The benefits from the intercompany services and the costs for the operating and administrative structures are absorbed, either jointly or individually, by these companies as is practicable and reasonable in the circumstances. | $3 | +147% | $198M | $2B | 4.5x | - | ||
| BCO Estado de Sergipe SA - Banese offers a range of banking products and services to individuals and corporates in the areas of loans and deposits, investment banking, portfolio management, leasing, pension, as well as life and property insurance and Internet banking services. | $8 | +50% | $191M | $306M | 1.5x | - | ||
| Js Ativos Financeiros Fundo DE Investimento Imobiliario is a Brazil based company. It objective of the Fund is to invest in real estate assets, through the acquisition of any of the Target
Assets. | $2 | +1% | $118M | $118M | 4.0x | - | ||
| Median | $4 | +17% | $770M | $2B | 2.2x | 30.7x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.