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.
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