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Brazil

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Banks
Dodgy Deals
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Banking landscape

Brazil is South America's leading economic power, and overtook the UK in 2011 to become the world's seventh largest economy. It was one of the first of the "emerging markets" to return to economic growth following the global financial crisis, and its banking system emerged from the crisis as one of the world's most resilient.

Brazil's banking sector represents a mix of public-sector, private domestic and foreign-owned banks. Of the top five banks, three (Banco do Brasil, the Brazillian development bank Banco Nacional de Desenvolvimento Econômico e Social (BNDES) and Caixa Econômica Federal (CAIXA)) are majority government-owned. The market share of public sector banks is now the highest in 10 years, in part due to the government's use of credit from public sector banks to support the economy.

The private sector banks Banco Bradesco and Itaú Unibanco make up the remainder of the top five, which together account for almost 70% of the sector by asset value. Santander and HSBC also have a significant presence in the Brazilian banking sector, and are the sixth and seventh largest banks respectively.

Bank regulation

Brazil's banking system is characterised by relatively high capital reserve requirements and strong oversight by the Brazilian Central Bank (Banco Central do Brasil), a system bought in during the 1990s as the government took steps to rein in hyperinflation. Unlike the U.S. Federal Reserve, whose regulatory authority is limited to depository institutions, Brazil's central bank also has the authority to monitor riskier investment banking activities. This has helped Brazil avoid major bankruptcies and nationalisations during the current global financial crisis.

Brazil's Central Bank is a branch of government, and is responsible for authorising new financial institutions and supervising existing institutions. The two other key regulatory organisations in Brazil are The National Monetary Council (Conselho Monetário Nacional - "CMN") and the Securities and Exchanges Commission (Comissão de Valores Mobiliários - "CVM"). The CMN formulates monetary and credit policies for the Central Bank, and is made up of the Finance and Planning Ministers and the President of the Central Bank. The CVM is attached to the finance ministry, and is responsible for oversight of the capital markets.

Independent sustainability and reform initiatives

2012 saw the launch of Brazil's Fair Bank Guide, the Guia dos Bancos Responsáveis, which assigns a responsibility rating to each of Brazil's largest banks based on consumer protection, social and environmental financing criteria and respect for labour standards. The project is backed by the Brazilian consumer protection organisation IDEC and Friends of the Earth Brazilian Amazonia, among others.

Voluntary and regulatory sustainability initiatives

Banco Bradesco and Itaú Unibanco were among the earliest banks to sign up to the Equator Principles, in 2004, and Banco do Brasil and CAIXA have since followed. For comparison, among the other BRIC countries, no Russian or India banks have signed up to the Principles, and only one Chinese bank is a signatory. Bradesco and Itaú were also early adopters of the UNEP FI Statement.

The "Protocolo Verde" or Green Protocol, introduced in 2009, is a letter of intention in which the signatories commit to cooperate to create social and environmental policies to promote sustainable development in Brazil. The Letter of Principles for Sustainable Development, which preceded the Protocol, was developed by the Brazilian banking association Febraban, and signed, at first, by state controlled banks: BNDES, Banco do Brasil, Caixa, BNB and Banco da Amazônia. These five institutions committed to incorporate environmental issues into their project analysis and assessment systems and to prioritize actions to support sustainable development. Other banks that signed up to the Protocol afterwards inlcuded Bradesco, Cacique, Citibank, HSBC, Itaú, Safra and Santander.

However, implementation of the Protocolo Verde was weak, with little evidence of reporting or concrete outcomes. Most of Brazil's major banks continued to participate in the funding of important ‘dodgy deals', most notably the Belo Monte and Rio Madeira dam projects.

In 2014 the Central Bank of Brazil's published Resolution No. 4,327 [Portuguese], stipulating that all institutions authorized to operate by Central Bank must draft and execute a Social and Environmental Responsibility Policy, aimed at managing environmental risk and preventing losses from environmental damages. The SELP must be implemented by February 28th 2015 for financial institutions subject to Icaap, and by July 31st 2015 for all other institutions.

Brazil

Population: 196 million (2011)

GDP: 2.48 trillion USD (2011)


working partners
Banco Bradesco
Banco Bradesco was established in 1943 and is one of Brazil's largest private-sector bank in Brazil and Latin-America. Its consolidated assets have a worth…
Banco do Brasil
Banco do Brasil is partly state-owned, partly publicly listed at the stock exchange in Sao Paulo. Banco do Brasil was founded by then prince-regent João VI of…
BNDES
The Brazilian Development Bank (BNDES), also known as the National Bank for Economic and Social Development, is the main financing agent for development in Brazil. It is…
Caixa Economica Federal
With about 38 million customers, the government-owned company is Brazil's second largest bank by assets and the largest publicly held bank in Latin America. The bank was…
HSBC
Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBC operates from around 6,100 offices in 72 countries and…
Itaú-Unibanco
Banco Itau took over Unibanco on November 3 2008, to form Itaú Unibanco Holding S.A. Itaú Unibanco is a publicly-held company which, together with…
Rabobank
Rabobank Group is a full-range financial services provider based in the Netherlands. It is founded on cooperative principles and as such owned by its members. The bank offers…
Santander
Banco Santandar S.A., founded in 1857 in Santander, Spain. The group has expanded since 2000 through a number of acquisitions, with operations across Europe, Latin America,…

Brazil

Population: 196 million (2011)

GDP: 2.48 trillion USD (2011)


working partners
Dodgy Deals located in Brazil
Angra 3 nuclear power plant
Brazil
co financed by BNDES, Caixa Economica Federal
check dodgy deals on record
Dodgy Deals abroad financed by banks from Brazil
Bauxite mine Niyamgiri Hills
India
co financed by
On October 5th, 2004 an official agreement was signed between the Orissa Mining Corporation (OMC) and Sterlite Industries, a subsidiary of Vedanta Resources plc, for the…
Cerrejón coal mine
Colombia
co financed by
The Cerrejón coal mine in La Guajira, Colombia, is the largest in Latin America and one of the largest in the world. Its steady expansion since its founding in 1976…
El Dorado International Airport
Colombia
co financed by
El Dorado International Airport in Bogotá, Colombia is the busiest airport in Colombia and one of the busiest in Latin America, serving as the main international and…
Golden Youth or Gemilang Makmur Subur Plantation
Indonesia
co financed by
Bumitama's Golden Youth plantation in West Kalimantan, has 18,098 ha. According to Global Forest Watch only 3,717 ha are suitable for Palm Oil Plantations. Please see Bumitama's…
Great Barrier Reef Coal & Gas Exports
Australia
co financed by
Australia is on the verge of an unprecedented coal boom. The epicentre of this expansion is the yet-to-be-developed Galilee Basin in Central Queensland. Galilee is the proposed…
Jaitapur nuclear power plant
India
co financed by
The Jaitapur project plans to host two European Pressurised Reactors (EPRs) of 1,650 MWe each, with possible extension by four additional units. The Generation III+ class…
Kusile coal power plant
South Africa
co financed by
The Kusile coal fired power plant project is located in the province of Mpumalanga, in South Africa, initiated by Eskom, the state electricity company. With 4800 megawatt,…
Ladang Sawit Mas Plantation
Indonesia
co financed by
Bumitama's Ladang Sawit Mas Concession in West Kalimantan has 7,597 ha. According to Global Forest Watch, the entire area is unsuitable for palm oil. Please see Bumitama's…
Mountain top removal coal mining
United States
co financed by
Mountain top removal (MTR) mining is a form of strip mining in which coal companies use explosives to blast as much as 800 to 1,000 feet off the tops of mountains order to…
Offshore Detention Centres
Australia
co financed by
Australia's system of privatised, offshore detention centres (ODCs) for asylum seekers, on remote Pacific islands, is an ongoing human rights catastrophe. Spanish company…
Patents on chimpanzees and other animals
- international -
co financed by
The European Patent Office (EPO) has, since 2010, granted five patents on chimpanzees to the companies Bionomics, Intrexon and Altor BioScience. The animals have been genetically…
Shwe gas and pipelines projects
Myanmar
co financed by
The ‘Shwe' (meaning ‘golden' in Burmese) projects entail exploitation of underwater natural gas deposits off the coast of western Burma's Arakan State and dual…
Tufanbeyli coal power plant
Turkey
co financed by
Enerjisa, the Turkish electricity producer owned by E.ON and Sabanci, is building a new coal power plant in Tufanbeyli, commonly known as Enerjisa 2.5. The lignite-fired…
Punta Catalina-Hatillo coal power project
Dominican Republic
co financed by
Punta Catalina Power Central, also known as the Hatillo power station, is a 770 megawatt coal-fired power plant under construction in Punta Catalina-Hatillo, Azua in the…
SOCAR Aegean Refinery
Turkey
co financed by
The owner and operator of the Aegean Refinery is STAR Rafineri A.S. ("STAR") a joint stock company incorporated under the laws of Turkey. The joint venture is now 81.5% owned…
check dodgy deals on record

Brazil

Population: 196 million (2011)

GDP: 2.48 trillion USD (2011)


working partners
Companies located in Brazil
Eletrobras
Brazil
co financed by Banco do Brasil
Founded in 1962, Eletrobras is an electric power holding company and the largest electricity generation and transmission company in Brazil. Through its subsidiaries it owns…
Agropalma
Brazil
Agropalma is a vertically integrated palm oil producer operating in Pará state in Northern Brazil. It has 107,000 hectares of titled land, of which 39,000 hectares…
check company profiles on record
Companies abroad financed by banks from Brazil
Glencore
Switzerland
co financed by Banco Bradesco, Banco do Brasil, Itaú-Unibanco
Glencore plc (formerly Glencore Xstrata) is an Anglo-Swiss multinational commodity trading and mining company. The company was created through a merger of Glencore with Xstrata…
ENGIE
France
co financed by Banco do Brasil
ENGIE (known as GDF SUEZ until April 2015) is the largest independent power producer in the world. In 2013 it operated 600 power plants worldwide. It had 113.7 GW of installed…
Adani
India
co financed by
Adani is a large Indian resources, logistics and energy company with big expansion plans. It was founded by Indian billionaire Gautam Adani, in 1988. It has coal mining interests…
Anglo American
United Kingdom
co financed by
Anglo American is a British multinational mining company headquartered in London, United Kingdom. It is the world's largest producer of platinum, with around 40% of world…
Areva
France
co financed by
Created in 2001 and 90% owned by the French state, this multinational conglomerate boasts of interests in every aspect of nuclear power from uranium mining to nuclear fuel…
Astra Agro Lestari
Indonesia
co financed by
Astra Agro Lestari is Indonesia's second largest palm oil producer by area. It controls 298,000hectares of fully developed plantations in Sumatra, Kalimantan and Sulawesi.…
BHP Billiton
Australia
co financed by
BHP Billiton is the world's largest mining company. It occupies significant positions in major commodity businesses, including aluminium, energy coal and metallurgical coal,…
Bumitama
Indonesia
co financed by
Bumitama Agri Ltd. is one of the largest producers of Palm oil and Palm Kernel in Indonesia, where it controls over 200.000 hectares of palm oil plantations. It was established…
Coal India
India
co financed by
Coal India is the biggest coal producer worldwide, majority-owned by the government of India. It was created in the 1970's when India's coal mining industry was nationalised…
Drummond
United States
co financed by
Drummond Company Inc. is a coal mining company based in Birmingham, Alabama, United States, with operations in Alabama and in La Loma, Colombia. It controls coal reserves…
EDF
France
co financed by
Like its rival and fellow French multinational AREVA, Électricité de France (EDF) is one of the biggest players in the global energy game. In fact, with more…
Enel
Italy
co financed by
Enel is Italy's largest power company and Europe's second largest according to its generating capacity. Its interests stretch beyond Italy to 40 countries on four continents.…
EPH
Czech Republic
co financed by
EPH (Energetický a Průmyslový Holding) is a Czech Republic based company currently investing mainly in the energy sector in Central Europe. The group's business…
ESKOM
South Africa
co financed by
Eskom is the world's eleventh-largest power utility in terms of generating capacity and ranks ninth in terms of sales. In 2011 it had an installed generating capacity of…
First Resources
Singapore
co financed by
First Resources is palm oil producer in the Asia-Pacific, established in 1992. It has more than 170,000 hectares of plantations and operates twelve palm oil mills in Indonesia.…
Golden Agri-Resources - GAR
Singapore
co financed by
Golden Agri-Resources Ltd (GAR) is the world's second largest palm oil plantation company with a total planted area of 470,600 hectares (including smallholders) as at 30…
IOI Corporation
Malaysia
co financed by Banco Safra
IOI Corporation, founded in 1969, is a Malaysian conglomerate involved in the property and plantation business, including oil palm cultivation. The company's specialty fats…
Kencana Group
Singapore
co financed by
Kencana Group is an oil palm company, based in Singapore. The company was  created in 1996 and listed on the Singapore Exchange on 25 July 2008, Kencana Agri Limited…
Kuala Lumpur Kepong
Malaysia
co financed by
Kuala Lumpur Kepong Berhad (KLK) is Malaysia's third largest palm oil plantation company, with a land bank of roughly 250,000 ha spread across Malaysia (Peninsular and Sabah)…
National Thermal Power Corporation (NTPC)
India
co financed by
National Thermal Power Corporation is the largest electricity producer in India. In 2014, its total installed capacity was of 42,964 MW (including 5,974 MW through Joint…
OLAM
Singapore
co financed by
Olam International Limited is a global integrated supply chain manager, processor and trader of soft commodities like palm oil, cocoa, coffee, cashew, rice and cotton. It…
Rio Tinto
Australia
co financed by
Rio Tinto is a mining and exploration company involved in each stage of metal and mineral production and processing. Rio Tinto is one of the largest publicly listed mining…
Royal Dutch Shell
Netherlands
co financed by
Royal Dutch Shell plc is a public limited company registered in England and Wales and headquartered in The Hague, the Netherlands. The group operates in upstream, downstream…
RWE
Germany
co financed by
RWE is Europe's second largest electricity generator and one of Europe's five leading gas and electricity companies. Founded in 1898, the company is active in the generation,…
Samling
Hong Kong
co financed by
The Samling group, which is based in the Malaysian state of Sarawak on Borneo, is one of Malaysia's biggest logging companies and responsible for the ongoing destruction…
Shenhua Group
China
co financed by
Shenhua Group is a wholly state-owned company founded in 1995 directly under the central government. It is the largest coal producing company in the world. It takes coal…
Sime Darby
Malaysia
co financed by
Sime Darby is a Malaysian multinational conglomerate that has operations in the plantations, property, healthcare, the energy and utilities sector. It was founded in 1910…
Textron
United States
co financed by
Textron is a multi-industry company, consisting of numerous subsidiaries and operating units. One subsidiary is Textron Systems, which is active in the defence, homeland…
Vattenfall
Sweden
co financed by
Sweden's state-owned Vattenfall is Europe's sixth largest generator of electricity and largest producer of heat. In 2013, Vattenfall's total installed capacity across all…
Wilmar Group
Singapore
co financed by
Wilmar International (WLIL.SI), founded in 1991 and headquartered in Singapore is one of the world's largest agribusinesses. It is involved in a wide range of businesses,…
Alpha Natural Resources
United States
co financed by
Alpha Natural Resources is a large American producer of metallurgical and thermal coal. It also provides services relating to equipment repairs, road construction and logistics…
APRIL
Indonesia
co financed by
Asia Pacific Resources International Holdings Limited, or APRIL, is Indonesia's second largest pulp and paper producer. It develops fibre plantations and it is the owner…
Arch Coal
United States
co financed by
Arch Coal is an American coal mining and processing company. The company mines, processes, and markets bituminous and sub-bituminous coal with low sulfur content in the United…
check company profiles on record

Brazil

Population: 196 million (2011)

GDP: 2.48 trillion USD (2011)


working partners
2014 2012

Brazil

Population: 196 million (2011)

GDP: 2.48 trillion USD (2011)


working partners

Brazil

Population: 196 million (2011)

GDP: 2.48 trillion USD (2011)


working partners
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