Ratings - BB
Ratings Global Ratings
Classification
Fitch Ratings Individual Short-Term – Local Currency Long-Term – Local Currency Short-Term – Foreign Currency Long-Term – Foreign Currency
C/D F3 BBBF3 BBB-
Standard & Poor’s Long-Term – Local Currency Long-Term – Foreign Currency Short-Term – Foreign Currency
BBBBBBB
Moody’s Financial Strength Short-Term – Local Currency Short-Term – Foreign Currency Long-Term Debt – Foreign Currency Long-Term Deposits – Local Currency Long-Term Deposits – Foreign Currency
C P-1 NP Baa3 A1 Ba3
National Ratings Fitch Ratings Short-Term Long-Term Moody’s Short-Term Long-Term
Classification
F1+(bra) AA+(bra)
BR-1 Aaa.Br
Economic Highlights
*Gross formation of fixed capital
Banco do Brasil - The Company - First Half 2009
Table of Contents 01. Economic Environment
03
02. Industry Outlook
09
03. Banco do Brasil Positioning
12
04. Banco do Brasil’s Shares
15
05. Corporate Governance
17
5.1 Organizational Structure
19
5.2 Risk Management
20
5.3 Regulatory Capital
20
06. Financial Performance
21
6.1 Credit
24
6.2 Securities
28
6.3 Funding
29
07. Client Base and Distribution Channels
30
7.1 Retail
30
7.2 Wholesale
33
7.3 Public Sector
34
08. Cards
35
09. Agribusiness
36
10. Foreign Trade
38
11. Asset Management
40
12. Capital Markets
41
13. Insurance, Pension Plans and Capitalization
42
14. Distribution Network
45
15. Technology Structure
47
16. Human Resources
49
17. Social and Environmental Responsability
50
18. Banco do Brasil Figures
52
Distribution Network Abroad
55
Subsidiaries
59
Contact List
59
Awards
60
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Banco do Brasil - The Company - First Half 2009
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1. Economic Environment In the first half, the financial crisis had negative effects on the world economy. These effects occurred in a disseminated, unsynchronized form and with different intensity, concentrating above all on developed economies. Although the conditions of liquidity and aversion to risk have improved, the impacts of macroeconomic imbalances, especially on the investment levels and on the trade volume, brought about a loss in the dynamism of the global activity. In relation to the Brazilian economy, although presenting greater resilience in relation to previous adverse events, the effects of the current crisis are present. For the second quarter, the gross domestic product revealed pullback of the economy, but of less intensity than expected. The highlight consisted of the positive progress of consumption, on the demand side, and of services, from the perspective of supply.
GDP* (R$ billion)
*Until March 2009. ** Total amount in 4 quarters *** Change over the same period of the previous year Source: IBGE (Brazilian Institute of Geography and Statistics)
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Banco do Brasil - The Company - First Half 2009
Unemployment rates*
Source: IBGE *Average of last 12 months
Unemployment rates*
Source: IBGE *Variation over may/2002
Exchange Rate* (R$/US$)
*Price for dollar sale at the last working day of each year. Source: Economática
IPCA Price Index* – Annual Change (%)
*Accumulated in the period Source: IBGE (Brazilian Institute of Geography and Statistics)
Banco do Brasil - The Company - First Half 2009
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Banco do Brasil - The Company - First Half 2009
Interest Rate (Selic)
Source: Economática
Trade Balance* (US$ million) – FOB
* Amount in the period Source: Secex (Ministry of Development, Industry and Foreign Trade)
Brazilian Sovereign Risk*
* End of period Source: Bloomberg
International Reserves (US$ billion)
Source: Brazilian Central Park
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Banco do Brasil - The Company - First Half 2009
Foreign Direct Investment (US$ billion)
Source: Brazilian Central Park
Public Sector Net Debit (% of GDP) x Primary Surplus (12 months accumulated GDP)
Source: Brazilian Central Park
Banco do Brasil - The Company - First Half 2009
2. Industry Outlook
Banks in Brazil *
*Multiples and Commercial Banks Source: Brazilian Central Bank Includes only multiple and commercial banks authorized to operate by the Central Bank Pro-forma for the merger of Itaú/Unibanco, Santander/Real, BB/BESC, BB/BEP and BB/Nossa Caixa
Loan X GDP (%)*
* End of period Source: Brazilian Central Bank
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Loan Segments - Free Resources %
Source: Brazilian Central Bank
Source: Brazilian Central Bank
Banco do Brasil - The Company - First Half 2009
Assets and Shareholder’s Equity – Brazilian Banks (R$ million)
*Including 50% of Banco Votorantim Source: Brazilian Central Bank Position of mar/09
Mortgage Loan – National Financial System (R$ billion)
Source: Brazilian Central Bank
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Banco do Brasil - The Company - First Half 2009
3. Banco do Brasil positioning The figures of the first half of 2009 already reflect the accounting consolidation of Banco do Estado de Santa Catarina, of Banco do Estado do Piauí and of Banco Nossa Caixa. Hence part of the performance reflects the growth originating from the operations of these banks. Committed to remaining among the leading financial groups from Latin America, Banco do Brasil outlined the following as strategies and goals for 2009:
Total Assets (R$ billion)
* Until Mar/2009. Source: Brazilian Central Bank
Funding (R$ billion)
* Until Mar/2009. Source: Brazilian Central Bank
Demand Deposits (R$ billion)
* Until Mar/2009. Source: Brazilian Central Bank
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Banco do Brasil - The Company - First Half 2009
Loan Porfolio (R$ billion)
* Domestic Loan Potfolio Source: Brazilian Central Bank
Branches
Source: Brazilian Central Bank
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4. Banco do Brasil’s Shares Banco do Brasil shares ended the first half priced R$ 21.18, devaluation of 12.4% in 12 months, but an increase of 51.0% in the year. This performance reflects the recovery of the world financial market and a better prospect for the global economy. In the year, the Ibovespa index decreased 20.8%. The BB’s shares were negotiated in all Bovespa sessions, with an average daily amount trade of R$ 66.4 million in the year, remaining listed in the theoretical portfolio of the São Paulo stock exchange: Ibovespa, IBRX50, Ibrx, IGC, ISE and Itag. In the theoretical portfolio of Ibovespa for the next four months (May/09 – Aug/09), Banco do Brasil occupies the 11th place.
Ownership Structure
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Banco do Brasil - The Company - First Half 2009
The Board of Directors, in a meeting held on February 18th 2009, established a 40% payout ratio (the percentage of earnings distributed to shareholders) fulfilling the policy payment of dividends and interest on own capital on a quarterly basis.
*Adjusted series considering the stock split (1:3) occured in the second quarter of 2007.
The graph below shows the performance of Ibovespa and Banco do Brasil shares, since the beginning of the year. BBAS3 expanded 70.3%, while Ibovespa increased 38.5%.
Ibovespa (38.5%) Banco do Brasil (70.3%) Bradesco (21.7%) Itau (21.6%)
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5. Corporate Governance Banco do Brasil, which has been in the “Novo Mercado” of Bovespa since May 2006, is committed to the transparency, accountability, equity and social and environmental responsibility, by aligning the organization’s management to the shareholders’ and the society’s interests. Decisions are taken collectively at all levels of the Company. With the purpose of involving the executives in the definition of strategies and approval of proposals for BB’s different businesses, the Management uses committees, subcommittees and commissions at a strategic level, which ensure the agility and security for the decision making.
Market relations The Bank held 21 meetings with analysts from the capital mar ket at the Apimec regional offices during the half. Furthermore, BB took part in 46 meetings with domestic investors and analysts, 2 road shows and 10 conferences, and promoted 3 teleconferences with analysts and investors. BB’s Investor Relations program was acknowledged as one of the best among public companies with instruments of wide circulation. Also, BB provides up-to-date information to its shareholders and analysts at the Investor Relations site (bb.com.br/ri).
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Banco do Brasil - The Company - First Half 2009
5.1 Organizational Structure
BB’s management bodies are the Board of Directors, advised by the Audit Committee, and the Executive Board, made up of the Board of Officers (CEO and nine vice-presidents) and by 27 statutory managing directors. The Bank has also a permanent Audit Committee. The Board of Directors has seven members, elected on April 2009, for 2009/2011 mandate. Out of the seven members, three were indicated by the minority shareholders. In the composition of the Board of Directors, a minimum of two directors must be independent ones, as defined in the Regulation of the Bovespa’s “Novo Mercado”. The Shareholders Meeting in April 2009 also elected the five members of the Board of Auditors, including two indicated by the minority shareholders and the others by the controlling shareholder, for the 2009/2010 mandate.
Wholesale
VP of International Business and Wholesale
Insurance, Pension Plan and Capitalization
VP of Cards and New Retail Business
Board of Officers
Controlling
Human Resources Employee Relations and Social Env. Resp.
Government
Pension Fund Management
Operational Support
IT Infrastructure
Low Income
Restructuring of Operational Assets
VP of Credit, Controlling and Risk Management
VP of Government
Software Development
Directorships
VP of Agribusiness
VP of Technology and Logistics
VP of Human Resources and Social Environmental Responsability
VP of Finance, Capital Markets and IR
SME
VP of Retail and Distribution
CEO
Executive Secretariat
Security Management
Strategy and Organization
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5.2 Risk Management
The impacts of the world financial crisis on BB’s result were moderate, as a result of the conservative appetite for risk and the solid risk governance. A relevant portion of BB’s financial assets are invested in Brazilian government bonds of high liquidity. BB uses the best market practices to develop its own methodologies to rate customer credit risks The credit methodologies developed and implemented in the Bank include customer risk analysis in every corporate and individual customer segment, improving the credit process The risk management is collegiated and segregated from the business units Risk and concentration policies are specified by the Bank’s Board of Directors and by the Global Risk Committee (CRG)
5.3 Regulatory Capital
Banco do Brasil works to adjust its processes to Basel II and to adopt the advanced approach for the capital allocation. The implementation of Basel II brought several changes in capital measurement process to stand the inherent risks from the banking activity. The Basel II in Brazil was officially presented by the Central Bank by means of the Official Message 12.746 from 12.09.2004, and later adjusted by the Official Message 16.137, from 09.27.2007. This schedule was built in stages, initially establishing, as regards capital requirement, the use of a standardized approach (defined by Bacen), and at the end, the use of advanced models.
BIS Ratio %
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6. Financial Performance Banco do Brasil reached a net income of R$ 4.0 billion in the first half of 2009 and an annualized return on equity of 27.4 %, also meaning R$ 1.56 of earnings per share. The shareholders’ equity increased 22.7 % over the same period of 2008, reaching R$ 32.4 billion. Net Income X ROE
Net Interest Income X NIM
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Dividends/Interest on Own Capital (R$ million)
Shareholders Equity (R$ million)
Fee Income (R$ million)
Administrative Expenses (R$ million)
Efficiency ratio (%)
Coverage Ratio (%)
Banco do Brasil - The Company - First Half 2009
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6.1 Credit
The Bank’s domestic loan portfolio increased 32.7% in 12 months, a growth over the rates observed in the Financial System, evidencing BB’s capacity and efficiency in loan concession. Considering the Bank’s total portfolio (domestic and foreign), the growth was of 32.8% over the first half of 2008.
* Available since 2006
Loan Portfolio by Clients %
* Pos. mar/09 Source: Brazilian Central Bank
Individuals Loan Portfolio (R$ billion)
Businesses Loan Portfolio (R$ billion)
Agribusiness Loan Portfolio (R$ billion)
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Credit Risk
Businesses Delinquency* - %
* Loan as reference for interest rate.
Individuals Delinquency* - %
* Loan as reference for interest rate.
Agribusiness Delinquency - %
Banco do Brasil - The Company - First Half 2009
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6.2 Securities
Banco do Brasil’s securities portfolio reached R$ 109.6 billion, an increase of 33.1%, if compared to the same period of 2008. It is worth to notice that derivative financial instruments represent 0.7% of total securities portfolio or R$ 781 million.
Securities Portfolio (R$ million)
Securities Portfolio by Maturity – Market Value (R$ million)
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6.3 Funding
Banco do Brasil’s credibility, allied with its broadly distributed network, allowed BB to maintain its leadership in funding, ending the first half of 2009 with a balance of R$ 412.3 billion, a growth of 43.0% regarding the same period of last year.
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Banco do Brasil - The Company - First Half 2009
7. Client Base and Distribution Channels To ensure specialized and efficient service, customers are targeted by income, profile, investments and relationship with the Institution.
7.1 – Retail
The Retail segment is comprised of individual and SME’s The Direct Consumer Finance (CDC) is the main product for individual customers, with a balance of R$ 42.1 billion until June Payroll Loans is responsible for 43.1% of the individuals loan portfolio
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Payroll Loans (R$ billion)
BB’s vehicle loan portfolio, restructured in 2006, went from R$ 4.7 billion in the first half of 2008 to R$ 8.2 billion in the same period of 2009 The market share increased from 5.6% in June/2008 to 9.8% in June/2009 The strategic partnership with Banco Votorantin in the beginning of the year allows BB to continue expanding it’s vehicle loan portfolio
Vehicle Loan
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Banco do Brasil - The Company - First Half 2009
Small and Micro Enterprises
15.6% of the total loan portfolio was comprised by SME’s transactions The balance of operations was of R$ 39.5 billion, 35.1% more than the same period of 2008 Investment operations reached a financial balance of R$ 10.2 billion Working Capital Transactions amounted R$ 26.6 billion in the first half, an increase of 32.4% over the same period of 2008
Working Capital Transactions (R$ billion)
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7.2 – Wholesale
The Wholesale segment offer products targeted on medium and large-sized companies and corporate customers. Banco do Brasil has adopted a segmentation model that has the objective of improving the management of this customer base and helps to attain a better knowledge of the specific needs of each company.
Working capital lines for mid-size and large companies, and corporate clients attained R$ 40.2 billion, 16.3% over the first half of 2008. Investment lines reached a financial balance of R$ 9.9 billion, 33.0% over the same period of 2008. BB’s investment line with BNDES resources reached a financial balance of R$ 6.8 billion in June, 32.1% more than June/2008.
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Banco do Brasil - The Company - First Half 2009
7.3 Public Sector
Banco do Brasil is one of the main partners of public administration in implementing policies, programs and projects focusing on regional and national development. It develops solutions that seek to satisfy specific needs in the public sector and all its network.
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8. Cards Credit and debit cards increase customers loyalty, reducing costs and generating credits with the highest spread. With the adoption of marketing and commercial actions in the expansion of customers base, BB expanded its market share from 17.6 % in June 2008 to 18.4% in May/09. Banco do Brasil enclosed the first half with a base of 25.4 million credit cards and 53.5 million debit cards. The fee income with cards totaled up R$ 350.5 million in the period, 27.8% more than the same period of 2008, which represents 10.2% of BB’s total fee income. BB clients used credit cards more often, hence the composition of transactions is slightly different: 51.4% of the transactions for credit cards and 48.6% for debit cards. Also, BB launched cards with the American Express flagship and, in an innovative partnership, signed an agreement with GOL/Varig for the issuance of a co-branded credit card with the Smiles brand, to be launched in the second half of 2009.
Cards
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Banco do Brasil - The Company - First Half 2009
9. Agribusiness Banco do Brasil is the leader in agribusiness credit among the financial institutions member of the National System of Rural Credit, with 62.7% market share at the end of the half. The agribusiness loan portfolio of BB represented 26.8% of the entire loan portfolio, with a balance of R$ 67.6 billion. The agribusiness loan portfolio is composed by 36.9% of costs, 28.1% of marketing and 32.2% of investment operations, with the following characteristics. Agribusiness Portfolio by Region
Agribusiness Portfolio – Segments (R$ million)
Agribusiness Portfolio by Financed Item
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The Bank has mechanisms for mitigating risks from agribusiness loan portfolio. In the 2008/2009 harvest, up to June/2009, 61.6% of the loan transactions were carried out with Agricultural Insurance or Proagro (government insurance), amounting R$ 8.7 billion.
Family Farming Program (Pronaf) Banco do Brasil is the main financial agent of the National Program of Strengthening of the Family Agriculture (Pronaf), an initiative of the Federal Government that aims at stimulating the development of the family farmers and providing credit facilities to the segment. Family Farming
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Banco do Brasil - The Company - First Half 2009
10. Foreign Trade In the first half, BB kept its leadership in the export and import market, with 31.4% and 24.5% of market share, and a contracted volume of US$ 23.2 billion and US$ 14.3 billion, respectively.
Foreign Exchange for Exports
Foreign Exchange for Imports
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ACC/ACE
BB is the exclusive financial agent of Proex, the Export Financing Program of the Federal Government, with a financial balance of US$ 130.4 million in the Financing type and US$ 82.2 million in the Equalization, supporting the export market with a total amount of US$ 2.3 billion. BB is also the main player of the BNDES – Exim Program, achieving US$ 430.4 million in the first half.
PROEX
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Banco do Brasil - The Company - First Half 2009
11. Asset Management BB Administração de Ativos – Distribuidora de Títulos e Valores Mobiliários (BB DTVM), a whollyowned subsidiary of Banco do Brasil. From the total managed resources, R$ 52.4 billion are allocated in social environmental funds, like BB Ações ISE and BB Referenciado DI Social 200. By the end of the half, BB DTVM offered 400 funds and 18 managed portfolios, serving 1.6 million investors. Asset Management
Investment Funds and Managed Portfolios by Client / Investment Profile (%)
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12. Capital Markets
Banco do Brasil operated in the domestic capital market through BB Banco de Investimento S.A.(BBBI) in 11 fixed income securitiy issuances, totalling R$ 1.9 billion. In the variable income security issuance market, BB-BI was active in the coordination and distribution of Additional Construction Potential Certificates, holding two auctions with total funding of R$ 8.3 million for the consortium owned urban operation Faria Lima, of the City Council of São Paulo. BB-BI is the only institution that distributes and coordinates this type of operation in the Brazilian capital market. BB-BI took part in the public offering of shares of Visanet Brasil. With the sale of part of its share ownership position, BB-BI’s interest in Visanet Brasil went from 31.6% to 24.6%. The IPO of Visanet Brasil was the largest public offering of the Brazilian market and of the global capital market this year, attaining more than R$ 8 billion. Acting as distributor of the offering and taking advantage of its large customer base, BB was responsible for the placement of R$ 1.6 billion. High income clients are accountable for 46% of this amount. In the custody of assets in the domestic market, it occupies 3rd place in the Anbid ranking, with 26.1% of market share. BB offers a share purchase and sale service by means of the network of branches, Internet (home broker) and cellular phone, with a volume of R$ 8.4 billion generated in 1H09. In the international capital market, BB, by means of its foreign brokers BB Securities Ltd (London) and Banco do Brasil Securities LLC (New York), was active in six of the eight Brazilian issues of fixed income securities, including STN, Petrobras, Grupo Oi and BNDES, which totaled over US$ 5.7 billion.
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Banco do Brasil - The Company - First Half 2009
13. Insurance, Pension Plans and Capitalization
Insurance, pension and capitalization business added R$ 848.3 million to the Bank, from equity income and fee income, an increase of 11.7% as compared to the first half of 2008.
Auto Insurance
Brasil Veiculos recorded a net profit of R$ 34.7 million with an average annualized return on equity of 11.7% It ended June with a market share of 6.8%, ranked in 7th position of market As a result of client fidelity, the retention index ended the first half in 80.3% The portfolio reached R$ 581.4 million in retained premiums in the first half
Auto Insurance
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Life Insurance
Aliança do Brasil’s life insurance portfolio reached R$ 853.7 million in retained premiums, a growth of 24.3% related to the same period of 2008 With a market share of 41.3%, Aliança do Brasil is the largest rural insurer in the country It had a net profit of R$ 145.5 million in the first half, resulting in an average annualized return on equity of 32.9 %
Health Insurance
Brasilsaúde’s health insurance portfolio reached R$ 98.8 million in retained premiums It ended June with 114 thousand participants, focusing the business segment The health insurance portfolio ended June with a financial balance of R$ 56.7 million
BB Previdência
Also, BB counts with BB Previdencia, a multisponsored pension fund created in 1994, with the objective of instituting and managing private pension plans (annuity or income) It has ended the half with an equity of R$ 9.1 billion, and more than 1.3 thousand active quotes
Pension Fund
Brasilprev ended the first half recording a net profit of R$ 115.6 million, with an average return on equity of 26.3% It has 15.7% of the private pension plans market, with a financial income of R$ 2.6 billion in the first half Brasilprev strengthened its sales force with the intensification of the activity of advisories in the Retail segment
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Banco do Brasil - The Company - First Half 2009
Capitalization (Annuity Plans)
Brasilcap maintained its leadership with 23.4% of market share in provisions and 23.0% in revenues It has paid 33.8 million in prizes, with a total of 15.5 thousand winning titles In the first half, Brasilcap recorded a net profit of R$ 51.4 million, with an average annualized return on equity of 28.8%
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14. Distribution Network Until the end of June, Banco do Brasil’s own service network in Brazil comprised 17,210 points, considering the numbers of Nossa Caixa distribution network. This network is segmented in accordance with the markets defined by the Bank – Retail, Wholesale and Government – and distributed throughout 3.4 thousand municipalities, covering the whole Country. The number of branches reached 4.9 thousand in the period.
* Others include the following Points of Service: PAA – Advanced Service Post: these are points of service intended for towns without a bank. They have a small staff and automated teller machines; PAB – Banking Service Post: this type of unit is located inside the premises of companies or government offices. This service requires one employee and automated teller machines; PAE – Electronic Service Post: the structure of services is exclusively for self-servicing; SAA – Self-Service Room: exclusively ATM installed in the main areas of the branches; PAP – Payment and collection post: positioned mainly in government offices (town halls) for carrying out receipts and payments. Employees and automated teller machines provide the service; QSQ – Kiosk: positioned in commercial establishments providing self-services.
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Banco do Brasil - The Company - First Half 2009
In the delivery of services to individuals, emphasis is placed on the banking agents network, that serve the clients without using BB’s infraestructure, generating cost savings. Number of banking agents (thousand)
Due to international presence, BB is based in 23 countries. This network comprehends 13 branches, 11 sub-branches, 11 business units and representative offices, 7 subsidiaries and 2 business and service units. Besides that, BB counts on 1.3 thousand correspondent banks in 142 countries. This network is of great importance for complementing BB‘s own network of branches abroad and for making it possible to carry out transactions and business, for itself and for customers.
(*) Unit in process of instalation
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15. Technology Structure BB uses its technology structure to increase the customer’s convenience and security in accessing their account, offering complementary channels: the Internet, Financial Manager (an Internet banking tool for businesses), POS equipment (credit and debit card machines at the commercial establishments), telephone, fax, and mobile banking (WAP). Also, BB has the largest own ATM network in Latin America – 43,976 machines, representing 38.7% of these operations (already considering Nossa Caixa ATM’s).
Transaction in Automated Channels (%)
Breakdown of transactions (%)
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Banco do Brasil - The Company - First Half 2009
Number of ATM’s
At the end of June, BB had more than 847.3 thousand clients capable of using the mobile banking service, with 5.9 million transactions, and 9.0 million clients using the internet channel. Around 38.6% of self-service transactions were carried out through the Internet during the period.
Internet Registered Clients (million)
The bank, in partnership with Visa, operates with Visa Mobile Pay technology in Latin America, which allows BB clients to pay for purchases using their mobile phones. This technology, combined with the mobile banking services already offered, confirms the Bank strategy to maintain the leadership in banking technologies.
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16. Human Resources At the end of the half, Banco do Brasil had 103.4 thousand employees, 61.6% male and 38.4% female. This workforce presented the following profile:
Workforce
Level of Education (%)
Tenure (%)
Age Bracket (%)
BB provided 16.0 hours of training per staff member until the end of the half, as part of the qualification program. Besides that, 6.5 thousand employees were granted scholarships for academic degree, 586 for pos-graduation, MBA and Master degrees and 3,872 for language studies.
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Banco do Brasil - The Company - First Half 2009
17. Social and Environmental Responsibility Committed with the development of communities and the Country, Banco do Brasil integrates the aspects of sustainability – economic, social and environmental – in its strategic positioning and operational decisions in order to guarantee the long-term creation of value. The Bank’s engagement with the principles of social and environment responsibility has always been part of its business practices and its relationship with its stakeholders, as shown in the table below:
BB did not concede loans to companies that submit their employees to degrading tasks. At credit valuation, projects above US$ 10 million are analyzed according to the Equator Principles, In 2009, 1 project was analyzed according to the principles, with a financial balance of R$ 558.6 million. The bank was the first one in the country to launch, in 2007, it’s Agenda 21 Empresarial, that evidence BB’s commitment with the sustainability included in the corporate strategy, supporting the efforts of the Global Agenda 21. The Agenda 21 is periodically renewed, establishing goals and schedules to incorporate the social-environmental principles in the administrative and business process of the Bank.
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Sustainable Regional Development (DRS)
The Sustainable Regional Development (DRS) strategy aims to boost the sustainable development of Brazilian regions, considering the potential, vocation and local characteristics. With the DRS, BB acts not only as a financial institution, but as an action catalyst, organizing economic and social actors to structure the urban and rural activities that generate income to the local population. At the end of the half, the DRS strategy had a programmed budget of R$ 5.3 million for loans. In the period, 4.0 thousand branches were able to act by DRS strategy, serving 4.7 thousand municipalities and carrying benefits to 1.2 million families. APL (Local Productive Arrangements) is a concentration of brokers in the same area, who are connected to the same productive activities, aiming for economic and social development. In June, BB was participating in 181 Local Productive Arrangements, delivering services to more than 15.3 thousand companies, to which R$ 1.3 billion were made available. Also, the amount of R$ 141.0 million was set aside for foreign trade operations and R$ 164.6 million for agribusiness.
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18. Banco do Brasil Figures
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Banco do Brasil - The Company - First Half 2009
* BB shares were traded per lot of a thousand shares until January 2004.
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Distribution Network Abroad Branches, Sub-Branches and Representative Offices
Angola - Luanda Representative Office Address: Rua Engrácia Fragoso. 61 Edifício Kalunga Atrium -1º ANDAR – C Phone: 244 + 22239-5112/7607
Chile - Santiago Branch Address: Avenida Apoquindo. 3001. Piso 1 Las Condes – 06760-342 – Santiago -Chile Phone: 562 + 336-3007 e-mail: [email protected]
Argentina - Buenos Aires Branch Address: Calle Sarmiento. 487 esquina San Martin Casilla de Correo 2684 - Microcentro Buenos Aires - Argentina Phone: 54 + 11 + 4000-2726/2758 e-mail: [email protected]
China – Shanghai Representative Office Address: Unit 1305. 13th Floor. Shanghai Kerry Centre 1515 Nanjing Road West Shanghai 200040 - P.R. of China Phone: 86 + 21 + 6289-0707 / 6289-4503
Bolivia - La Paz Branch Address: Av. 16 de Julio 1642. El Prado Central - La Paz – Bolivia Casilla de Correo n. 1650 Phone: 5912 + 211-3509 e-mail: [email protected]
China - Hong Kong Representative Office Address: Unit 3601. 36th Floor. Tower 2 Lippo Centre. 89 Queensway. Admiralty Hong Kong – (SAR) China Phone: 852 + 2521-6411 e-mail: [email protected]
Bolivia – Santa Cruz de la Sierra Sub-Branch Address: Avenida San Martin. 1700 Edifício Centro Empresarial Equipetrol Piso 4 Santa Cruz de La Sierra - Bolivia Phone: 59+13 + 345-3171 e-mail: [email protected]
France - Paris Branch Address: 10 Avenue de La Grande Armeé 17 Arrondisement 00075-017 – Paris - France Phone: 331 + 4053-5500 e-mail: [email protected]
Cayman Islands - Grand Cayman Branch Address: Elizabethan Square. Phase III 4th floor - Sheden Road George Town PO Box 1360GT Grand Cayman - Cayman Islands Phone: 1345 + 949-7012 e-mail: [email protected]
United Arab Emirates - Dubai Representative Office Address: Level 42 - Emirates Towers Sheikh Zayed Road Dubai - United Arab Emirates Phone: 971+43197422 e-mail: [email protected]
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Banco do Brasil - The Company - First Half 2009
Germany - Frankfurt Branch Address: Eschersheimer Landstrasse 55 00060-322 - AM – Frankfurt - Germany Phone: 4969 + 2990-9666 e-mail: [email protected] Italy - Milan Branch Address: Piazza Castello. 1 . 3º Piano CAP: 00020-121 - Centro Milan - MI - Italy Phone: 3902 + 882-5202 e-mail: [email protected] Italy - Rome Representative Office Address: Via Barberini. 29. 4° Piano 00187 - RM - Italy Phone: 3906 + 488-0707 e-mail: [email protected] Japan - Gifu Sub-Branch Address: Asahi Plaza Minokamo Station Core Office 101. Minokamo-shi. Ota-cho 2591-1 Gifu-Ken -Japan Phone: 81 + 574 + 245568 e-mail: [email protected] Japan - Gunma Sub-Branch Address: Bandou BLDG . 1319-1. IIda-cho Ota-shi - Gunma-ken - Japan Phone: 81+0276 + 46-6511 e-mail: [email protected] Japan - Hamamatsu Sub-Branch Itaya-machi 111-2. Hamamatsu Act Tower 1F Naka-ku - Hamamatsu-shi Shizuoka-ken – Japão 430-7701 Phone: 81+053+452-6695 e-mail: [email protected]
Japan - Ibaraki Sub-Branch Shirai Building 2909-1. Fuchigashira-machi Mitsukaido-shi. Joso-shi Ibaraki-ken - Japão 303-0022 Phone:81+0297+30-6511 e-mail: [email protected] Japan - Nagano Sub-Branch Address: Atago Mansion 101 . Ueda-shi. Chuo Higashi 1-5 Nagano-Ken - Japan Phone: 81+ 03 + 3213-6511 e-mail: [email protected] Japan - Nagoia Sub-Branch Address: 460-0002 Aichi-Ken. Nagoya-Shi. Naka-Ku. Marunouchi 1-17-19. Kirix Marunouchi BLDG. - Japan Phone: 81+052 + 202-4611 e-mail: [email protected] Japan - Tokyo Branch Address: New Kokusai Building 3-4-1 Marunouchi Chiyoda ku - 100-0005 - Japan - Tokyo Phone: 81 + 03 + 3213-6511 e-mail: [email protected] Montevideo - Uruguay Representative Office Unidades 314 - 3º andar da Torre II do Complexo World Trade Center Montevideo Avenida Luis Alberto de Herrera 1248 –Pocitos Phone: 598+ 2952-2674
Banco do Brasil - The Company - First Half 2009
Mexico - Mexico City Representative Office Address: Calle Campos Elíseos. 345. piso 6o Colônia Chapultepec Polanco 11560 - Ciudad del Mexico - Mexico Phone: 5255 + 5281-7878 e-mail: [email protected]
Portugal – Parque das Nações Sub-Branch Av. D. João II - Lote 1.13.01 E- Ed. Horizonte Tejo Lisboa – Portugal Phone: 351 + 21358-5000 e-mail: [email protected]
Panama - Panama City Representative Office Av. Aquilino de la Guardia/Calle 47 Ocean Business Plaza. Oficina 1202 Marbella 0823-0118 Panama-Panamá Phone: 507 + 3406414 e-mail: [email protected]
Portugal – Porto Sub-Branch Address: Av de França. 256 Lojas 34/35 Porto - Portugal Phone: 351 + 21358-5000
Paraguay - Asuncion Sub-Branch Address: Calle Oliva Y Nuestra Senora de La Asunción – Casila del Correo 667 - Centro Asunción - Paraguay Phone: 595 + 2149-0121 e-mail: [email protected] Paraguay - Ciudad del Este Sub-Branch Address: Calle Nanawa. 107. Esquina Monsenhor Rodrigues - Centro Ciudad del Este - Alto Paraná - Paraguay Phone: 595 + 6150-0319 e-mail: [email protected] Peru – Lima Representative Office Address: Av. Camino Real 348 - Piso 9 . Torre El Pilar - San Isidro 27 – Lima - Peru Phone: 511 + 212-4230 e-mail: [email protected] Portugal - Cascais Sub-Branch Address: Passeio Carlos Andrade Teixeira. 7 e 8 - Edifício Baía Center 2765-409 – Cascais - Portugal Phone: 35121 + 482-2415 e-mail: [email protected]
57
Spain - Madrid Branch Address: Calle José Ortega y Gasset. 29 - 1ª Planta - Edificio Beatriz 28006-000 - Madrid - Spain Phone: 3491 + 423-2500 e-mail: [email protected] South Korea – Seul Representative Office Address: Suite 400-3. 8th Floor Business Center Leema Building. 146-1. Soosong-Dong. Chongro-Gu Seul. Coréia do Sul CEP: 00110-140 Phone: 82 2 3985 800 United Kingdom - London Branch Address: 34. King Street. - City EC2V 8ES - London - United Kingdom Phone: 4420 + 7886-7305 e-mail: [email protected] USA – Miami Branch Address: 2 S. Biscayne Boulevard One Biscayne Tower - Suite 3870 Downtown – Miami 33131-000 - FL - USA Phone: 1786 + 437-4444 e-mail: [email protected]
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Banco do Brasil - The Company - First Half 2009
USA - New York Branch Address: 600 Fifth Avenue. Third Floor Rockfeller Center New York - 10020 - NY - USA Phone: 1212 + 626-7045 e-mail: [email protected] USA - Washington Representative Office Address: 1801. K Street - N.W.- Suite 710 20006 - Washington - DC - USA Phone: 1202 + 857-0320 e-mail: [email protected]
Venezuela - Caracas Representative Office Av. Francisco de Miranda - Edifício Centro Lido - Torre A - Piso 9 - Oficina 93A El Rosal - Miranda Caracas - Venezuela 1067-A Phone: 58212 + 952-2674 e-mail: [email protected]
Banco do Brasil - The Company - First Half 2009
59
Subsidiaries BAMB - Brazilian American Merchant Bank Address: C/O - International Division Gerin/DIOPB - SBS Qd.1 Bl.C Lote 32 Ed.Sede III - 13° andar 70073-901 - DF - Brasilia - Brazil Phone: 55 + 61 + 3310-4504 e-mail: [email protected] BB - A.G. Viena Address: Franz Josefs-Kai. 47 - 3. OG 1010 – Viena - Austria Phone: 431 + 5126-6630 e-mail: [email protected]
BB-Leasing Company Ltd. Address: C/O - International Division Gerin/DIOPB - SBS Qd.1 Bl.C Lote 32 Ed.Sede III - 12° andar 70073-901 - DF - Brasilia - Brazil Phone: 1 + 61 + 33104504 e-mail: [email protected]
BB Securities Address: 7th Floor. 16 St. Martins Le Grand EC1A 4NA - London - United Kingdom Phone: 44 + 207 + 3675800 Fax: 44 + 207 + 7960859 e-mail: [email protected] Banco do Brasil Securities LLC Address: 600 Fifth Avenue – 3rd. Floor Rockfeller Center New York - 10020 - NY - USA Phone: 1 + 212 + 6267000 e-mail: [email protected] BB Lisboa AG – Portugal Avenida da República 35, Piso 7 - Saldanha Lisbon - Portugal Phone:(351) 21358-5000/21358-5001 BB Money Transfers, Inc. – USA 600th Fifth Avenue - 3rd floor New York – United States 00010-020 Phone: 1 + 212 + 6267144
Contact List Banco do Brasil SBS – Ed.Sede III – 13º andar International Division 70073-901 – Brasília (DF) – Brazil www.bb.com.br Presidency Phone: 55 (61) 3310.3400 Fax.: 55 (61) 3310.2563 Finance. Capital Markets and Investor Relations VP Phone: 55 (61) 3310.3406 Fax.: 55 (61) 3310.2561 International Business and Wholesale VP Phone: 55 (61) 3310.3406 Fax.: 55 (61) 3310.2561
International Division Phone: 55 (61) 3310.4500 Fax: 55 (61) 3310.2444 International Division - Financial Institutions Department Phone: 55 (11) 3066.9081 Fax: 55 (11) 3066.9089 Investor Relations Division Address: SBS – Ed.Sede III – 5th floor 70073-901 – Brasília (DF) – Brazil Phone: 55 (61) 3310.3980 Fax: 55 (61) 3310.3735 e-mail: [email protected]
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Banco do Brasil - The Company - First Half 2009
Awards
Recognized with the “Best Investor Relations Executive” award by IR Magazine Awards Brazil 2009.
Honorable mentions in the Grand Prix of Investor Relations in the categories of “Best Investor Relations Program” and “Best meeting with the community of company analysts”. by IR Magazine Awards Brazil 2009.
Given the title of “Chief Information Officer of the Year “. by e-Finance 2009.
Recognized with the Seal in Favor of Gender Equity - 2nd Edition. an initiative of the Special Department of Policies for Women of the Federal Government.
Winner of the Alide Award of Recognition of Good Practices at Financial Institutions of Development with the DRS Business Strategy.
One of the three finalists of the Financial Times Award of Sustainable Finance 2009. “Sustainable Bank in Emerging Markets” category. The award received 165 entries referring to the experience of 117 institutions from 42 countries.
Winner. for the 3rd year running. of the 2008 Storeowner Merit Award. category Services. Segment Commercial Bank.
Notes
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Banco do Brasil - The Company - First Half 2009
Notes
Classification
Fitch Ratings Individual Short-Term – Local Currency Long-Term – Local Currency Short-Term – Foreign Currency Long-Term – Foreign Currency
C/D F3 BBBF3 BBB-
Standard & Poor’s Long-Term – Local Currency Long-Term – Foreign Currency Short-Term – Foreign Currency
BBBBBBB
Moody’s Financial Strength Short-Term – Local Currency Short-Term – Foreign Currency Long-Term Debt – Foreign Currency Long-Term Deposits – Local Currency Long-Term Deposits – Foreign Currency
C P-1 NP Baa3 A1 Ba3
National Ratings Fitch Ratings Short-Term Long-Term Moody’s Short-Term Long-Term
Classification
F1+(bra) AA+(bra)
BR-1 Aaa.Br
Economic Highlights
*Gross formation of fixed capital
Banco do Brasil - The Company - First Half 2009
Table of Contents 01. Economic Environment
03
02. Industry Outlook
09
03. Banco do Brasil Positioning
12
04. Banco do Brasil’s Shares
15
05. Corporate Governance
17
5.1 Organizational Structure
19
5.2 Risk Management
20
5.3 Regulatory Capital
20
06. Financial Performance
21
6.1 Credit
24
6.2 Securities
28
6.3 Funding
29
07. Client Base and Distribution Channels
30
7.1 Retail
30
7.2 Wholesale
33
7.3 Public Sector
34
08. Cards
35
09. Agribusiness
36
10. Foreign Trade
38
11. Asset Management
40
12. Capital Markets
41
13. Insurance, Pension Plans and Capitalization
42
14. Distribution Network
45
15. Technology Structure
47
16. Human Resources
49
17. Social and Environmental Responsability
50
18. Banco do Brasil Figures
52
Distribution Network Abroad
55
Subsidiaries
59
Contact List
59
Awards
60
1
Banco do Brasil - The Company - First Half 2009
3
1. Economic Environment In the first half, the financial crisis had negative effects on the world economy. These effects occurred in a disseminated, unsynchronized form and with different intensity, concentrating above all on developed economies. Although the conditions of liquidity and aversion to risk have improved, the impacts of macroeconomic imbalances, especially on the investment levels and on the trade volume, brought about a loss in the dynamism of the global activity. In relation to the Brazilian economy, although presenting greater resilience in relation to previous adverse events, the effects of the current crisis are present. For the second quarter, the gross domestic product revealed pullback of the economy, but of less intensity than expected. The highlight consisted of the positive progress of consumption, on the demand side, and of services, from the perspective of supply.
GDP* (R$ billion)
*Until March 2009. ** Total amount in 4 quarters *** Change over the same period of the previous year Source: IBGE (Brazilian Institute of Geography and Statistics)
4
Banco do Brasil - The Company - First Half 2009
Unemployment rates*
Source: IBGE *Average of last 12 months
Unemployment rates*
Source: IBGE *Variation over may/2002
Exchange Rate* (R$/US$)
*Price for dollar sale at the last working day of each year. Source: Economática
IPCA Price Index* – Annual Change (%)
*Accumulated in the period Source: IBGE (Brazilian Institute of Geography and Statistics)
Banco do Brasil - The Company - First Half 2009
5
6
Banco do Brasil - The Company - First Half 2009
Interest Rate (Selic)
Source: Economática
Trade Balance* (US$ million) – FOB
* Amount in the period Source: Secex (Ministry of Development, Industry and Foreign Trade)
Brazilian Sovereign Risk*
* End of period Source: Bloomberg
International Reserves (US$ billion)
Source: Brazilian Central Park
Banco do Brasil - The Company - First Half 2009
7
8
Banco do Brasil - The Company - First Half 2009
Foreign Direct Investment (US$ billion)
Source: Brazilian Central Park
Public Sector Net Debit (% of GDP) x Primary Surplus (12 months accumulated GDP)
Source: Brazilian Central Park
Banco do Brasil - The Company - First Half 2009
2. Industry Outlook
Banks in Brazil *
*Multiples and Commercial Banks Source: Brazilian Central Bank Includes only multiple and commercial banks authorized to operate by the Central Bank Pro-forma for the merger of Itaú/Unibanco, Santander/Real, BB/BESC, BB/BEP and BB/Nossa Caixa
Loan X GDP (%)*
* End of period Source: Brazilian Central Bank
9
10
Banco do Brasil - The Company - First Half 2009
Loan Segments - Free Resources %
Source: Brazilian Central Bank
Source: Brazilian Central Bank
Banco do Brasil - The Company - First Half 2009
Assets and Shareholder’s Equity – Brazilian Banks (R$ million)
*Including 50% of Banco Votorantim Source: Brazilian Central Bank Position of mar/09
Mortgage Loan – National Financial System (R$ billion)
Source: Brazilian Central Bank
11
12
Banco do Brasil - The Company - First Half 2009
3. Banco do Brasil positioning The figures of the first half of 2009 already reflect the accounting consolidation of Banco do Estado de Santa Catarina, of Banco do Estado do Piauí and of Banco Nossa Caixa. Hence part of the performance reflects the growth originating from the operations of these banks. Committed to remaining among the leading financial groups from Latin America, Banco do Brasil outlined the following as strategies and goals for 2009:
Total Assets (R$ billion)
* Until Mar/2009. Source: Brazilian Central Bank
Funding (R$ billion)
* Until Mar/2009. Source: Brazilian Central Bank
Demand Deposits (R$ billion)
* Until Mar/2009. Source: Brazilian Central Bank
Banco do Brasil - The Company - First Half 2009
13
14
Banco do Brasil - The Company - First Half 2009
Loan Porfolio (R$ billion)
* Domestic Loan Potfolio Source: Brazilian Central Bank
Branches
Source: Brazilian Central Bank
Banco do Brasil - The Company - First Half 2009
15
4. Banco do Brasil’s Shares Banco do Brasil shares ended the first half priced R$ 21.18, devaluation of 12.4% in 12 months, but an increase of 51.0% in the year. This performance reflects the recovery of the world financial market and a better prospect for the global economy. In the year, the Ibovespa index decreased 20.8%. The BB’s shares were negotiated in all Bovespa sessions, with an average daily amount trade of R$ 66.4 million in the year, remaining listed in the theoretical portfolio of the São Paulo stock exchange: Ibovespa, IBRX50, Ibrx, IGC, ISE and Itag. In the theoretical portfolio of Ibovespa for the next four months (May/09 – Aug/09), Banco do Brasil occupies the 11th place.
Ownership Structure
16
Banco do Brasil - The Company - First Half 2009
The Board of Directors, in a meeting held on February 18th 2009, established a 40% payout ratio (the percentage of earnings distributed to shareholders) fulfilling the policy payment of dividends and interest on own capital on a quarterly basis.
*Adjusted series considering the stock split (1:3) occured in the second quarter of 2007.
The graph below shows the performance of Ibovespa and Banco do Brasil shares, since the beginning of the year. BBAS3 expanded 70.3%, while Ibovespa increased 38.5%.
Ibovespa (38.5%) Banco do Brasil (70.3%) Bradesco (21.7%) Itau (21.6%)
Banco do Brasil - The Company - First Half 2009
17
5. Corporate Governance Banco do Brasil, which has been in the “Novo Mercado” of Bovespa since May 2006, is committed to the transparency, accountability, equity and social and environmental responsibility, by aligning the organization’s management to the shareholders’ and the society’s interests. Decisions are taken collectively at all levels of the Company. With the purpose of involving the executives in the definition of strategies and approval of proposals for BB’s different businesses, the Management uses committees, subcommittees and commissions at a strategic level, which ensure the agility and security for the decision making.
Market relations The Bank held 21 meetings with analysts from the capital mar ket at the Apimec regional offices during the half. Furthermore, BB took part in 46 meetings with domestic investors and analysts, 2 road shows and 10 conferences, and promoted 3 teleconferences with analysts and investors. BB’s Investor Relations program was acknowledged as one of the best among public companies with instruments of wide circulation. Also, BB provides up-to-date information to its shareholders and analysts at the Investor Relations site (bb.com.br/ri).
18
Banco do Brasil - The Company - First Half 2009
5.1 Organizational Structure
BB’s management bodies are the Board of Directors, advised by the Audit Committee, and the Executive Board, made up of the Board of Officers (CEO and nine vice-presidents) and by 27 statutory managing directors. The Bank has also a permanent Audit Committee. The Board of Directors has seven members, elected on April 2009, for 2009/2011 mandate. Out of the seven members, three were indicated by the minority shareholders. In the composition of the Board of Directors, a minimum of two directors must be independent ones, as defined in the Regulation of the Bovespa’s “Novo Mercado”. The Shareholders Meeting in April 2009 also elected the five members of the Board of Auditors, including two indicated by the minority shareholders and the others by the controlling shareholder, for the 2009/2010 mandate.
Wholesale
VP of International Business and Wholesale
Insurance, Pension Plan and Capitalization
VP of Cards and New Retail Business
Board of Officers
Controlling
Human Resources Employee Relations and Social Env. Resp.
Government
Pension Fund Management
Operational Support
IT Infrastructure
Low Income
Restructuring of Operational Assets
VP of Credit, Controlling and Risk Management
VP of Government
Software Development
Directorships
VP of Agribusiness
VP of Technology and Logistics
VP of Human Resources and Social Environmental Responsability
VP of Finance, Capital Markets and IR
SME
VP of Retail and Distribution
CEO
Executive Secretariat
Security Management
Strategy and Organization
Banco do Brasil - The Company - First Half 2009
19
20
Banco do Brasil - The Company - First Half 2009
5.2 Risk Management
The impacts of the world financial crisis on BB’s result were moderate, as a result of the conservative appetite for risk and the solid risk governance. A relevant portion of BB’s financial assets are invested in Brazilian government bonds of high liquidity. BB uses the best market practices to develop its own methodologies to rate customer credit risks The credit methodologies developed and implemented in the Bank include customer risk analysis in every corporate and individual customer segment, improving the credit process The risk management is collegiated and segregated from the business units Risk and concentration policies are specified by the Bank’s Board of Directors and by the Global Risk Committee (CRG)
5.3 Regulatory Capital
Banco do Brasil works to adjust its processes to Basel II and to adopt the advanced approach for the capital allocation. The implementation of Basel II brought several changes in capital measurement process to stand the inherent risks from the banking activity. The Basel II in Brazil was officially presented by the Central Bank by means of the Official Message 12.746 from 12.09.2004, and later adjusted by the Official Message 16.137, from 09.27.2007. This schedule was built in stages, initially establishing, as regards capital requirement, the use of a standardized approach (defined by Bacen), and at the end, the use of advanced models.
BIS Ratio %
Banco do Brasil - The Company - First Half 2009
21
6. Financial Performance Banco do Brasil reached a net income of R$ 4.0 billion in the first half of 2009 and an annualized return on equity of 27.4 %, also meaning R$ 1.56 of earnings per share. The shareholders’ equity increased 22.7 % over the same period of 2008, reaching R$ 32.4 billion. Net Income X ROE
Net Interest Income X NIM
22
Banco do Brasil - The Company - First Half 2009
Dividends/Interest on Own Capital (R$ million)
Shareholders Equity (R$ million)
Fee Income (R$ million)
Administrative Expenses (R$ million)
Efficiency ratio (%)
Coverage Ratio (%)
Banco do Brasil - The Company - First Half 2009
23
24
Banco do Brasil - The Company - First Half 2009
6.1 Credit
The Bank’s domestic loan portfolio increased 32.7% in 12 months, a growth over the rates observed in the Financial System, evidencing BB’s capacity and efficiency in loan concession. Considering the Bank’s total portfolio (domestic and foreign), the growth was of 32.8% over the first half of 2008.
* Available since 2006
Loan Portfolio by Clients %
* Pos. mar/09 Source: Brazilian Central Bank
Individuals Loan Portfolio (R$ billion)
Businesses Loan Portfolio (R$ billion)
Agribusiness Loan Portfolio (R$ billion)
Banco do Brasil - The Company - First Half 2009
25
26
Banco do Brasil - The Company - First Half 2009
Credit Risk
Businesses Delinquency* - %
* Loan as reference for interest rate.
Individuals Delinquency* - %
* Loan as reference for interest rate.
Agribusiness Delinquency - %
Banco do Brasil - The Company - First Half 2009
27
28
Banco do Brasil - The Company - First Half 2009
6.2 Securities
Banco do Brasil’s securities portfolio reached R$ 109.6 billion, an increase of 33.1%, if compared to the same period of 2008. It is worth to notice that derivative financial instruments represent 0.7% of total securities portfolio or R$ 781 million.
Securities Portfolio (R$ million)
Securities Portfolio by Maturity – Market Value (R$ million)
Banco do Brasil - The Company - First Half 2009
29
6.3 Funding
Banco do Brasil’s credibility, allied with its broadly distributed network, allowed BB to maintain its leadership in funding, ending the first half of 2009 with a balance of R$ 412.3 billion, a growth of 43.0% regarding the same period of last year.
30
Banco do Brasil - The Company - First Half 2009
7. Client Base and Distribution Channels To ensure specialized and efficient service, customers are targeted by income, profile, investments and relationship with the Institution.
7.1 – Retail
The Retail segment is comprised of individual and SME’s The Direct Consumer Finance (CDC) is the main product for individual customers, with a balance of R$ 42.1 billion until June Payroll Loans is responsible for 43.1% of the individuals loan portfolio
Banco do Brasil - The Company - First Half 2009
31
Payroll Loans (R$ billion)
BB’s vehicle loan portfolio, restructured in 2006, went from R$ 4.7 billion in the first half of 2008 to R$ 8.2 billion in the same period of 2009 The market share increased from 5.6% in June/2008 to 9.8% in June/2009 The strategic partnership with Banco Votorantin in the beginning of the year allows BB to continue expanding it’s vehicle loan portfolio
Vehicle Loan
32
Banco do Brasil - The Company - First Half 2009
Small and Micro Enterprises
15.6% of the total loan portfolio was comprised by SME’s transactions The balance of operations was of R$ 39.5 billion, 35.1% more than the same period of 2008 Investment operations reached a financial balance of R$ 10.2 billion Working Capital Transactions amounted R$ 26.6 billion in the first half, an increase of 32.4% over the same period of 2008
Working Capital Transactions (R$ billion)
Banco do Brasil - The Company - First Half 2009
33
7.2 – Wholesale
The Wholesale segment offer products targeted on medium and large-sized companies and corporate customers. Banco do Brasil has adopted a segmentation model that has the objective of improving the management of this customer base and helps to attain a better knowledge of the specific needs of each company.
Working capital lines for mid-size and large companies, and corporate clients attained R$ 40.2 billion, 16.3% over the first half of 2008. Investment lines reached a financial balance of R$ 9.9 billion, 33.0% over the same period of 2008. BB’s investment line with BNDES resources reached a financial balance of R$ 6.8 billion in June, 32.1% more than June/2008.
34
Banco do Brasil - The Company - First Half 2009
7.3 Public Sector
Banco do Brasil is one of the main partners of public administration in implementing policies, programs and projects focusing on regional and national development. It develops solutions that seek to satisfy specific needs in the public sector and all its network.
Banco do Brasil - The Company - First Half 2009
35
8. Cards Credit and debit cards increase customers loyalty, reducing costs and generating credits with the highest spread. With the adoption of marketing and commercial actions in the expansion of customers base, BB expanded its market share from 17.6 % in June 2008 to 18.4% in May/09. Banco do Brasil enclosed the first half with a base of 25.4 million credit cards and 53.5 million debit cards. The fee income with cards totaled up R$ 350.5 million in the period, 27.8% more than the same period of 2008, which represents 10.2% of BB’s total fee income. BB clients used credit cards more often, hence the composition of transactions is slightly different: 51.4% of the transactions for credit cards and 48.6% for debit cards. Also, BB launched cards with the American Express flagship and, in an innovative partnership, signed an agreement with GOL/Varig for the issuance of a co-branded credit card with the Smiles brand, to be launched in the second half of 2009.
Cards
36
Banco do Brasil - The Company - First Half 2009
9. Agribusiness Banco do Brasil is the leader in agribusiness credit among the financial institutions member of the National System of Rural Credit, with 62.7% market share at the end of the half. The agribusiness loan portfolio of BB represented 26.8% of the entire loan portfolio, with a balance of R$ 67.6 billion. The agribusiness loan portfolio is composed by 36.9% of costs, 28.1% of marketing and 32.2% of investment operations, with the following characteristics. Agribusiness Portfolio by Region
Agribusiness Portfolio – Segments (R$ million)
Agribusiness Portfolio by Financed Item
Banco do Brasil - The Company - First Half 2009
37
The Bank has mechanisms for mitigating risks from agribusiness loan portfolio. In the 2008/2009 harvest, up to June/2009, 61.6% of the loan transactions were carried out with Agricultural Insurance or Proagro (government insurance), amounting R$ 8.7 billion.
Family Farming Program (Pronaf) Banco do Brasil is the main financial agent of the National Program of Strengthening of the Family Agriculture (Pronaf), an initiative of the Federal Government that aims at stimulating the development of the family farmers and providing credit facilities to the segment. Family Farming
38
Banco do Brasil - The Company - First Half 2009
10. Foreign Trade In the first half, BB kept its leadership in the export and import market, with 31.4% and 24.5% of market share, and a contracted volume of US$ 23.2 billion and US$ 14.3 billion, respectively.
Foreign Exchange for Exports
Foreign Exchange for Imports
Banco do Brasil - The Company - First Half 2009
39
ACC/ACE
BB is the exclusive financial agent of Proex, the Export Financing Program of the Federal Government, with a financial balance of US$ 130.4 million in the Financing type and US$ 82.2 million in the Equalization, supporting the export market with a total amount of US$ 2.3 billion. BB is also the main player of the BNDES – Exim Program, achieving US$ 430.4 million in the first half.
PROEX
40
Banco do Brasil - The Company - First Half 2009
11. Asset Management BB Administração de Ativos – Distribuidora de Títulos e Valores Mobiliários (BB DTVM), a whollyowned subsidiary of Banco do Brasil. From the total managed resources, R$ 52.4 billion are allocated in social environmental funds, like BB Ações ISE and BB Referenciado DI Social 200. By the end of the half, BB DTVM offered 400 funds and 18 managed portfolios, serving 1.6 million investors. Asset Management
Investment Funds and Managed Portfolios by Client / Investment Profile (%)
Banco do Brasil - The Company - First Half 2009
41
12. Capital Markets
Banco do Brasil operated in the domestic capital market through BB Banco de Investimento S.A.(BBBI) in 11 fixed income securitiy issuances, totalling R$ 1.9 billion. In the variable income security issuance market, BB-BI was active in the coordination and distribution of Additional Construction Potential Certificates, holding two auctions with total funding of R$ 8.3 million for the consortium owned urban operation Faria Lima, of the City Council of São Paulo. BB-BI is the only institution that distributes and coordinates this type of operation in the Brazilian capital market. BB-BI took part in the public offering of shares of Visanet Brasil. With the sale of part of its share ownership position, BB-BI’s interest in Visanet Brasil went from 31.6% to 24.6%. The IPO of Visanet Brasil was the largest public offering of the Brazilian market and of the global capital market this year, attaining more than R$ 8 billion. Acting as distributor of the offering and taking advantage of its large customer base, BB was responsible for the placement of R$ 1.6 billion. High income clients are accountable for 46% of this amount. In the custody of assets in the domestic market, it occupies 3rd place in the Anbid ranking, with 26.1% of market share. BB offers a share purchase and sale service by means of the network of branches, Internet (home broker) and cellular phone, with a volume of R$ 8.4 billion generated in 1H09. In the international capital market, BB, by means of its foreign brokers BB Securities Ltd (London) and Banco do Brasil Securities LLC (New York), was active in six of the eight Brazilian issues of fixed income securities, including STN, Petrobras, Grupo Oi and BNDES, which totaled over US$ 5.7 billion.
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Banco do Brasil - The Company - First Half 2009
13. Insurance, Pension Plans and Capitalization
Insurance, pension and capitalization business added R$ 848.3 million to the Bank, from equity income and fee income, an increase of 11.7% as compared to the first half of 2008.
Auto Insurance
Brasil Veiculos recorded a net profit of R$ 34.7 million with an average annualized return on equity of 11.7% It ended June with a market share of 6.8%, ranked in 7th position of market As a result of client fidelity, the retention index ended the first half in 80.3% The portfolio reached R$ 581.4 million in retained premiums in the first half
Auto Insurance
Banco do Brasil - The Company - First Half 2009
43
Life Insurance
Aliança do Brasil’s life insurance portfolio reached R$ 853.7 million in retained premiums, a growth of 24.3% related to the same period of 2008 With a market share of 41.3%, Aliança do Brasil is the largest rural insurer in the country It had a net profit of R$ 145.5 million in the first half, resulting in an average annualized return on equity of 32.9 %
Health Insurance
Brasilsaúde’s health insurance portfolio reached R$ 98.8 million in retained premiums It ended June with 114 thousand participants, focusing the business segment The health insurance portfolio ended June with a financial balance of R$ 56.7 million
BB Previdência
Also, BB counts with BB Previdencia, a multisponsored pension fund created in 1994, with the objective of instituting and managing private pension plans (annuity or income) It has ended the half with an equity of R$ 9.1 billion, and more than 1.3 thousand active quotes
Pension Fund
Brasilprev ended the first half recording a net profit of R$ 115.6 million, with an average return on equity of 26.3% It has 15.7% of the private pension plans market, with a financial income of R$ 2.6 billion in the first half Brasilprev strengthened its sales force with the intensification of the activity of advisories in the Retail segment
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Banco do Brasil - The Company - First Half 2009
Capitalization (Annuity Plans)
Brasilcap maintained its leadership with 23.4% of market share in provisions and 23.0% in revenues It has paid 33.8 million in prizes, with a total of 15.5 thousand winning titles In the first half, Brasilcap recorded a net profit of R$ 51.4 million, with an average annualized return on equity of 28.8%
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14. Distribution Network Until the end of June, Banco do Brasil’s own service network in Brazil comprised 17,210 points, considering the numbers of Nossa Caixa distribution network. This network is segmented in accordance with the markets defined by the Bank – Retail, Wholesale and Government – and distributed throughout 3.4 thousand municipalities, covering the whole Country. The number of branches reached 4.9 thousand in the period.
* Others include the following Points of Service: PAA – Advanced Service Post: these are points of service intended for towns without a bank. They have a small staff and automated teller machines; PAB – Banking Service Post: this type of unit is located inside the premises of companies or government offices. This service requires one employee and automated teller machines; PAE – Electronic Service Post: the structure of services is exclusively for self-servicing; SAA – Self-Service Room: exclusively ATM installed in the main areas of the branches; PAP – Payment and collection post: positioned mainly in government offices (town halls) for carrying out receipts and payments. Employees and automated teller machines provide the service; QSQ – Kiosk: positioned in commercial establishments providing self-services.
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Banco do Brasil - The Company - First Half 2009
In the delivery of services to individuals, emphasis is placed on the banking agents network, that serve the clients without using BB’s infraestructure, generating cost savings. Number of banking agents (thousand)
Due to international presence, BB is based in 23 countries. This network comprehends 13 branches, 11 sub-branches, 11 business units and representative offices, 7 subsidiaries and 2 business and service units. Besides that, BB counts on 1.3 thousand correspondent banks in 142 countries. This network is of great importance for complementing BB‘s own network of branches abroad and for making it possible to carry out transactions and business, for itself and for customers.
(*) Unit in process of instalation
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15. Technology Structure BB uses its technology structure to increase the customer’s convenience and security in accessing their account, offering complementary channels: the Internet, Financial Manager (an Internet banking tool for businesses), POS equipment (credit and debit card machines at the commercial establishments), telephone, fax, and mobile banking (WAP). Also, BB has the largest own ATM network in Latin America – 43,976 machines, representing 38.7% of these operations (already considering Nossa Caixa ATM’s).
Transaction in Automated Channels (%)
Breakdown of transactions (%)
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Banco do Brasil - The Company - First Half 2009
Number of ATM’s
At the end of June, BB had more than 847.3 thousand clients capable of using the mobile banking service, with 5.9 million transactions, and 9.0 million clients using the internet channel. Around 38.6% of self-service transactions were carried out through the Internet during the period.
Internet Registered Clients (million)
The bank, in partnership with Visa, operates with Visa Mobile Pay technology in Latin America, which allows BB clients to pay for purchases using their mobile phones. This technology, combined with the mobile banking services already offered, confirms the Bank strategy to maintain the leadership in banking technologies.
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16. Human Resources At the end of the half, Banco do Brasil had 103.4 thousand employees, 61.6% male and 38.4% female. This workforce presented the following profile:
Workforce
Level of Education (%)
Tenure (%)
Age Bracket (%)
BB provided 16.0 hours of training per staff member until the end of the half, as part of the qualification program. Besides that, 6.5 thousand employees were granted scholarships for academic degree, 586 for pos-graduation, MBA and Master degrees and 3,872 for language studies.
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Banco do Brasil - The Company - First Half 2009
17. Social and Environmental Responsibility Committed with the development of communities and the Country, Banco do Brasil integrates the aspects of sustainability – economic, social and environmental – in its strategic positioning and operational decisions in order to guarantee the long-term creation of value. The Bank’s engagement with the principles of social and environment responsibility has always been part of its business practices and its relationship with its stakeholders, as shown in the table below:
BB did not concede loans to companies that submit their employees to degrading tasks. At credit valuation, projects above US$ 10 million are analyzed according to the Equator Principles, In 2009, 1 project was analyzed according to the principles, with a financial balance of R$ 558.6 million. The bank was the first one in the country to launch, in 2007, it’s Agenda 21 Empresarial, that evidence BB’s commitment with the sustainability included in the corporate strategy, supporting the efforts of the Global Agenda 21. The Agenda 21 is periodically renewed, establishing goals and schedules to incorporate the social-environmental principles in the administrative and business process of the Bank.
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Sustainable Regional Development (DRS)
The Sustainable Regional Development (DRS) strategy aims to boost the sustainable development of Brazilian regions, considering the potential, vocation and local characteristics. With the DRS, BB acts not only as a financial institution, but as an action catalyst, organizing economic and social actors to structure the urban and rural activities that generate income to the local population. At the end of the half, the DRS strategy had a programmed budget of R$ 5.3 million for loans. In the period, 4.0 thousand branches were able to act by DRS strategy, serving 4.7 thousand municipalities and carrying benefits to 1.2 million families. APL (Local Productive Arrangements) is a concentration of brokers in the same area, who are connected to the same productive activities, aiming for economic and social development. In June, BB was participating in 181 Local Productive Arrangements, delivering services to more than 15.3 thousand companies, to which R$ 1.3 billion were made available. Also, the amount of R$ 141.0 million was set aside for foreign trade operations and R$ 164.6 million for agribusiness.
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18. Banco do Brasil Figures
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* BB shares were traded per lot of a thousand shares until January 2004.
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Distribution Network Abroad Branches, Sub-Branches and Representative Offices
Angola - Luanda Representative Office Address: Rua Engrácia Fragoso. 61 Edifício Kalunga Atrium -1º ANDAR – C Phone: 244 + 22239-5112/7607
Chile - Santiago Branch Address: Avenida Apoquindo. 3001. Piso 1 Las Condes – 06760-342 – Santiago -Chile Phone: 562 + 336-3007 e-mail: [email protected]
Argentina - Buenos Aires Branch Address: Calle Sarmiento. 487 esquina San Martin Casilla de Correo 2684 - Microcentro Buenos Aires - Argentina Phone: 54 + 11 + 4000-2726/2758 e-mail: [email protected]
China – Shanghai Representative Office Address: Unit 1305. 13th Floor. Shanghai Kerry Centre 1515 Nanjing Road West Shanghai 200040 - P.R. of China Phone: 86 + 21 + 6289-0707 / 6289-4503
Bolivia - La Paz Branch Address: Av. 16 de Julio 1642. El Prado Central - La Paz – Bolivia Casilla de Correo n. 1650 Phone: 5912 + 211-3509 e-mail: [email protected]
China - Hong Kong Representative Office Address: Unit 3601. 36th Floor. Tower 2 Lippo Centre. 89 Queensway. Admiralty Hong Kong – (SAR) China Phone: 852 + 2521-6411 e-mail: [email protected]
Bolivia – Santa Cruz de la Sierra Sub-Branch Address: Avenida San Martin. 1700 Edifício Centro Empresarial Equipetrol Piso 4 Santa Cruz de La Sierra - Bolivia Phone: 59+13 + 345-3171 e-mail: [email protected]
France - Paris Branch Address: 10 Avenue de La Grande Armeé 17 Arrondisement 00075-017 – Paris - France Phone: 331 + 4053-5500 e-mail: [email protected]
Cayman Islands - Grand Cayman Branch Address: Elizabethan Square. Phase III 4th floor - Sheden Road George Town PO Box 1360GT Grand Cayman - Cayman Islands Phone: 1345 + 949-7012 e-mail: [email protected]
United Arab Emirates - Dubai Representative Office Address: Level 42 - Emirates Towers Sheikh Zayed Road Dubai - United Arab Emirates Phone: 971+43197422 e-mail: [email protected]
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Germany - Frankfurt Branch Address: Eschersheimer Landstrasse 55 00060-322 - AM – Frankfurt - Germany Phone: 4969 + 2990-9666 e-mail: [email protected] Italy - Milan Branch Address: Piazza Castello. 1 . 3º Piano CAP: 00020-121 - Centro Milan - MI - Italy Phone: 3902 + 882-5202 e-mail: [email protected] Italy - Rome Representative Office Address: Via Barberini. 29. 4° Piano 00187 - RM - Italy Phone: 3906 + 488-0707 e-mail: [email protected] Japan - Gifu Sub-Branch Address: Asahi Plaza Minokamo Station Core Office 101. Minokamo-shi. Ota-cho 2591-1 Gifu-Ken -Japan Phone: 81 + 574 + 245568 e-mail: [email protected] Japan - Gunma Sub-Branch Address: Bandou BLDG . 1319-1. IIda-cho Ota-shi - Gunma-ken - Japan Phone: 81+0276 + 46-6511 e-mail: [email protected] Japan - Hamamatsu Sub-Branch Itaya-machi 111-2. Hamamatsu Act Tower 1F Naka-ku - Hamamatsu-shi Shizuoka-ken – Japão 430-7701 Phone: 81+053+452-6695 e-mail: [email protected]
Japan - Ibaraki Sub-Branch Shirai Building 2909-1. Fuchigashira-machi Mitsukaido-shi. Joso-shi Ibaraki-ken - Japão 303-0022 Phone:81+0297+30-6511 e-mail: [email protected] Japan - Nagano Sub-Branch Address: Atago Mansion 101 . Ueda-shi. Chuo Higashi 1-5 Nagano-Ken - Japan Phone: 81+ 03 + 3213-6511 e-mail: [email protected] Japan - Nagoia Sub-Branch Address: 460-0002 Aichi-Ken. Nagoya-Shi. Naka-Ku. Marunouchi 1-17-19. Kirix Marunouchi BLDG. - Japan Phone: 81+052 + 202-4611 e-mail: [email protected] Japan - Tokyo Branch Address: New Kokusai Building 3-4-1 Marunouchi Chiyoda ku - 100-0005 - Japan - Tokyo Phone: 81 + 03 + 3213-6511 e-mail: [email protected] Montevideo - Uruguay Representative Office Unidades 314 - 3º andar da Torre II do Complexo World Trade Center Montevideo Avenida Luis Alberto de Herrera 1248 –Pocitos Phone: 598+ 2952-2674
Banco do Brasil - The Company - First Half 2009
Mexico - Mexico City Representative Office Address: Calle Campos Elíseos. 345. piso 6o Colônia Chapultepec Polanco 11560 - Ciudad del Mexico - Mexico Phone: 5255 + 5281-7878 e-mail: [email protected]
Portugal – Parque das Nações Sub-Branch Av. D. João II - Lote 1.13.01 E- Ed. Horizonte Tejo Lisboa – Portugal Phone: 351 + 21358-5000 e-mail: [email protected]
Panama - Panama City Representative Office Av. Aquilino de la Guardia/Calle 47 Ocean Business Plaza. Oficina 1202 Marbella 0823-0118 Panama-Panamá Phone: 507 + 3406414 e-mail: [email protected]
Portugal – Porto Sub-Branch Address: Av de França. 256 Lojas 34/35 Porto - Portugal Phone: 351 + 21358-5000
Paraguay - Asuncion Sub-Branch Address: Calle Oliva Y Nuestra Senora de La Asunción – Casila del Correo 667 - Centro Asunción - Paraguay Phone: 595 + 2149-0121 e-mail: [email protected] Paraguay - Ciudad del Este Sub-Branch Address: Calle Nanawa. 107. Esquina Monsenhor Rodrigues - Centro Ciudad del Este - Alto Paraná - Paraguay Phone: 595 + 6150-0319 e-mail: [email protected] Peru – Lima Representative Office Address: Av. Camino Real 348 - Piso 9 . Torre El Pilar - San Isidro 27 – Lima - Peru Phone: 511 + 212-4230 e-mail: [email protected] Portugal - Cascais Sub-Branch Address: Passeio Carlos Andrade Teixeira. 7 e 8 - Edifício Baía Center 2765-409 – Cascais - Portugal Phone: 35121 + 482-2415 e-mail: [email protected]
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Spain - Madrid Branch Address: Calle José Ortega y Gasset. 29 - 1ª Planta - Edificio Beatriz 28006-000 - Madrid - Spain Phone: 3491 + 423-2500 e-mail: [email protected] South Korea – Seul Representative Office Address: Suite 400-3. 8th Floor Business Center Leema Building. 146-1. Soosong-Dong. Chongro-Gu Seul. Coréia do Sul CEP: 00110-140 Phone: 82 2 3985 800 United Kingdom - London Branch Address: 34. King Street. - City EC2V 8ES - London - United Kingdom Phone: 4420 + 7886-7305 e-mail: [email protected] USA – Miami Branch Address: 2 S. Biscayne Boulevard One Biscayne Tower - Suite 3870 Downtown – Miami 33131-000 - FL - USA Phone: 1786 + 437-4444 e-mail: [email protected]
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USA - New York Branch Address: 600 Fifth Avenue. Third Floor Rockfeller Center New York - 10020 - NY - USA Phone: 1212 + 626-7045 e-mail: [email protected] USA - Washington Representative Office Address: 1801. K Street - N.W.- Suite 710 20006 - Washington - DC - USA Phone: 1202 + 857-0320 e-mail: [email protected]
Venezuela - Caracas Representative Office Av. Francisco de Miranda - Edifício Centro Lido - Torre A - Piso 9 - Oficina 93A El Rosal - Miranda Caracas - Venezuela 1067-A Phone: 58212 + 952-2674 e-mail: [email protected]
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Subsidiaries BAMB - Brazilian American Merchant Bank Address: C/O - International Division Gerin/DIOPB - SBS Qd.1 Bl.C Lote 32 Ed.Sede III - 13° andar 70073-901 - DF - Brasilia - Brazil Phone: 55 + 61 + 3310-4504 e-mail: [email protected] BB - A.G. Viena Address: Franz Josefs-Kai. 47 - 3. OG 1010 – Viena - Austria Phone: 431 + 5126-6630 e-mail: [email protected]
BB-Leasing Company Ltd. Address: C/O - International Division Gerin/DIOPB - SBS Qd.1 Bl.C Lote 32 Ed.Sede III - 12° andar 70073-901 - DF - Brasilia - Brazil Phone: 1 + 61 + 33104504 e-mail: [email protected]
BB Securities Address: 7th Floor. 16 St. Martins Le Grand EC1A 4NA - London - United Kingdom Phone: 44 + 207 + 3675800 Fax: 44 + 207 + 7960859 e-mail: [email protected] Banco do Brasil Securities LLC Address: 600 Fifth Avenue – 3rd. Floor Rockfeller Center New York - 10020 - NY - USA Phone: 1 + 212 + 6267000 e-mail: [email protected] BB Lisboa AG – Portugal Avenida da República 35, Piso 7 - Saldanha Lisbon - Portugal Phone:(351) 21358-5000/21358-5001 BB Money Transfers, Inc. – USA 600th Fifth Avenue - 3rd floor New York – United States 00010-020 Phone: 1 + 212 + 6267144
Contact List Banco do Brasil SBS – Ed.Sede III – 13º andar International Division 70073-901 – Brasília (DF) – Brazil www.bb.com.br Presidency Phone: 55 (61) 3310.3400 Fax.: 55 (61) 3310.2563 Finance. Capital Markets and Investor Relations VP Phone: 55 (61) 3310.3406 Fax.: 55 (61) 3310.2561 International Business and Wholesale VP Phone: 55 (61) 3310.3406 Fax.: 55 (61) 3310.2561
International Division Phone: 55 (61) 3310.4500 Fax: 55 (61) 3310.2444 International Division - Financial Institutions Department Phone: 55 (11) 3066.9081 Fax: 55 (11) 3066.9089 Investor Relations Division Address: SBS – Ed.Sede III – 5th floor 70073-901 – Brasília (DF) – Brazil Phone: 55 (61) 3310.3980 Fax: 55 (61) 3310.3735 e-mail: [email protected]
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Awards
Recognized with the “Best Investor Relations Executive” award by IR Magazine Awards Brazil 2009.
Honorable mentions in the Grand Prix of Investor Relations in the categories of “Best Investor Relations Program” and “Best meeting with the community of company analysts”. by IR Magazine Awards Brazil 2009.
Given the title of “Chief Information Officer of the Year “. by e-Finance 2009.
Recognized with the Seal in Favor of Gender Equity - 2nd Edition. an initiative of the Special Department of Policies for Women of the Federal Government.
Winner of the Alide Award of Recognition of Good Practices at Financial Institutions of Development with the DRS Business Strategy.
One of the three finalists of the Financial Times Award of Sustainable Finance 2009. “Sustainable Bank in Emerging Markets” category. The award received 165 entries referring to the experience of 117 institutions from 42 countries.
Winner. for the 3rd year running. of the 2008 Storeowner Merit Award. category Services. Segment Commercial Bank.
Notes
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Notes
