October 2026
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 do Nordeste.
 | Itau Unibanco is a Brazilian financial group headquartered in Sao Paulo and the largest private bank in Brazil. It was formed in 2008 by the merger of Banco Itau and Unibanco, and its shares trade on the Sao Paulo stock exchange under ITUB4 and on the New York Stock Exchange. The group offers retail and commercial banking, credit cards, insurance, asset management, private banking and investment banking through Itau BBA, and it operates in Argentina, Chile, Paraguay, Uruguay, Colombia and other markets in Latin America. It has grown through acquisitions, among them BankBoston in 2006, Redecard in 2012 and a stake in XP in 2017, and through minority investments in fintechs such as Avenue, Prex and Handy. In 2025 its private banking arm passed R$1 trillion of assets under management and administration. | $10 | +46% | $111B | $111B | 3.4x | - | ||
| Banco Bradesco is a Brazilian commercial bank headquartered in Osasco, Sao Paulo, founded in 1943 in Marilia as Banco Brasileiro de Descontos. It is the third largest banking institution by assets in Brazil and Latin America and is listed on the B3 in Sao Paulo, the New York Stock Exchange and the Madrid exchange. The group offers commercial banking, internet banking, insurance, private pension plans, credit cards, savings bonds, personal and commercial loans, leasing, investment banking, private equity and asset management. It reports 5,314 branches, 4,834 service branches and 38,430 banking correspondents, with banking or financial subsidiaries and affiliates abroad in New York, Grand Cayman, London, Luxembourg, Hong Kong, Buenos Aires, Tokyo and Mexico. Its subsidiaries include the insurer Bradesco Seguros and the holding Bradespar. Over its history it has grown through acquisitions of state banks and financial companies, including the Brazilian operations of HSBC in 2016. | $4 | +7% | $43B | $43B | 1.8x | - | ||
| 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. | $5 | +18% | $27B | $27B | 0.9x | - | ||
| Santander Brasil is a Brazilian universal bank controlled by Spain's Banco Santander. It provides current accounts, deposits, cards, consumer credit, mortgages, business lending, payments, investment products and corporate-banking services. The company earns revenue from interest spreads and fees charged to retail, small-business and corporate clients. It was built through a series of acquisitions and became one of Brazil's largest privately controlled banks. Santander Brasil listed units and shares in a large 2009 initial public offering in São Paulo and New York. Aabar participated in that offering and subsequently sold its entire minority position in a secondary market transaction in 2010. | $3 | 0% | $21B | $21B | 2.3x | - | ||
| 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. | $23 | +19% | $2.2B | $2.2B | 0.8x | - | ||
| 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. | $12 | +17% | $1.7B | $1.7B | 1.5x | - | ||
| 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. | $4 | +55% | $1.5B | $1.5B | 0.9x | - | ||
| 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. | $6 | +41% | $1.5B | $1.5B | 2.8x | - | ||
| 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 | +92% | $915M | $915M | 1.0x | - | ||
| 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. | $15 | +5% | $861M | $861M | 0.9x | - | ||
| 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 | +61% | $761M | $761M | 2.2x | - | ||
| 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 | +33% | $684M | $684M | 1.8x | - | ||
| 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. | $25 | +6% | $580M | $580M | 12.3x | - | ||
| 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. | -- | -- | $373M | $373M | 0.2x | 7.7x | ||
| 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. | $35 | -- | $330M | $330M | 0.7x | - | ||
| 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. | $0 | -73% | $218M | $218M | ||||
| 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. | $10 | +90% | $196M | $196M | ||||
| 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. | $1 | +9% | $116M | $116M | ||||
| Median | $5 | +18% | $888M | $888M | 1.3x | 7.7x |
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