Brazil’s incumbent banks have been facing a series of challenges: vibrant digital banks, credit squalls from large corporate insolvencies and rising retail delinquencies.
The large private banks have struggled. Bradesco’s poor performance led to a change in chief executive: in the first quarter of 2023 its return on equity (RoE) dropped to 11.1%, which is low for Brazil – 12 months earlier it had been 18.5%. In November, Marcelo Noronha was promoted, bringing Octavio de Lazari’s time at the helm to an end.
Meanwhile, Santander’s relatively new CEO in Brazil, Mario Roberto Opice Leão, was appointed in 2022 and inherited most of the causes of the bank’s deteriorating performance.
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