Brazil, both Latin America's most populous country and its largest economy, is also home to the region's five largest banks.
(PRWEB) September 29, 2015
SNL Financial has released its inaugural ranking of the largest banks in Latin America and the Caribbean by total assets, finding that Brazil, both Latin America's most populous country and its largest economy, is also home to the region's five largest banks. With US$493.78 billion in assets as of June 30, Banco do Brasil SA, is the region's largest bank by almost US$100 billion, followed by Itaú Unibanco Holding SA with US$396.12 billion in assets.
Banco Bradesco SA takes the No. 3 spot on a pro forma basis with its winning bid for HSBC's Brazilian unit, HSBC Bank Brasil SA - Banco Múltiplo, which will add some US$57.32 billion in assets. The acquisition, among the biggest Brazilian bank deal in recent years, is expected to be completed in the second quarter of 2016. The combined assets of these two companies amounted to US$388.81 billion as of June 30.
According to the report, Brazil is home to 10 of the 50 largest banks headquartered in either Latin America or the Caribbean.
Mexico is also home to 10 banks in the top 50, but the country's largest banks are much smaller than their Brazilian peers. For instance, Grupo Financiero BBVA Bancomer SA de CV, Mexico's largest bank and the sixth-largest bank headquartered in either Latin America or the Caribbean, reported US$110.01 billion in assets as of June 30.
Chile, Argentina, Peru, Colombia and Panama have seven, six, five, four and two companies in the top 50, respectively. Meanwhile, Uruguay, Ecuador, Barbados, Guatemala, Trinidad and Tobago, and Costa Rica each had one apiece.
Methodology: To compile the list, SNL ranked all banks headquartered in Latin America or the Caribbean by their most recently reported total assets and then converted the figures to U.S. dollars using the spot exchange rate for June 30, 2015. Due to the number and variance of exchange rates for the Venezuelan bolivar against the U.S. dollar, banks in Venezuela were given their own ranking.
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