DESPITE THE ADVANCE of foreign ownership across Latin America in the past 10 years – with European and US banks attracted by the substantial growth potential of retail franchises – the Brazilian banking system remains largely concentrated in domestic hands, both public and private.
Moreover, recent consolidation in Brazil has brought about more in-market mergers, driven mainly by the largest private domestic banks – Banco Bradesco, Itaú and Unibanco – than by foreign acquirers. As a result, Brazilian indigenous banks have become even larger conglomerates, retaining their dominance over business segments and the client base.
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