Brazilian Banks to Continue Attracting Consumer Deposits
As per our recent report “Opportunities in Brazil Banking Sector”, the Brazilian banking sector is strong, diversified, highly-capitalized and well-supervised, which allowed the sector to weather recent global financial crisis to the maximum possible extent. The deposits with banks continued to grow and are expected to witness a CAGR of around 15% during 2009-2013. The time and savings deposits will continue to account for the majority of the growth.
Moreover, the banks are looking forward to increase the penetration rate of their banking services. They are expanding their branch networks and seeking new locations in post offices, department stores and lottery houses in a bid to expand their business. All these progressive activities have taken a small pause during global financial crisis, but are expected to resume their growth very soon.