Brazil - US Banks and Local Correspondent BanksBrazil - US Banks
The U.S. presence in the Brazilian banking system consists of regular commercial banking activities by Citibank, investment banking by JP Morgan, Merrill Lynch, Morgan Stanley and BNY Mellon, and consumer credit for automobile, agricultural machinery and goods and IT products purchases by General Motors (Banco GMAC), IBM (Banco IBM), Caterpillar (Banco Caterpillar), John Deere (Banco John Deere), Cargill (Banco Cargill), Ford (Banco Ford) and remittances (Western Union).
Citibank, currently the largest U.S. bank operating in Brazil, announced on October 8, 2016 the sale of its Consumer Banking Business to the Brazilian main private bank, Itaú Unibanco. This includes credit cards, personal loans and deposit accounts, as well as Citi Brazil's retail brokerage business. On the other hand, Citi will continue to be active in Brazil through its Corporate and Investment bank operations.
Brazil’s strong foreign trade sector and increasing trade activities have led the large banks to increase the number of correspondent banks around the globe in new and expanding markets, as well as with traditional trading partners such as the United States.
Note: the U.S. Export Import Bank (Ex-Im) provides both export insurance and working capital for U.S. exporters and guaranteed loans for Brazilian importers. Contact the international department of your bank for information regarding correspondent banks in Brazil and to see if they work with Ex-Im Bank. You will also find contact information for Ex-Im insurance brokers and guaranteed lenders.
Brazil Market Access Banks