Best bank 2025: Santander
Santander had a landmark year in Brazil in 2024, both in terms of financial results – on the back of prior investment – and new product and service launches.
Financially, a significant improvement over 2023 saw Santander Brasil’s net profit hit R$3.9 billion ($704 million) in 2024, with return on average equity reaching 17.6%. Efficiency, or cost-to-income ratio, also improved to 38%, while credit costs declined.
The bank grew its customer base in Brazil to 69.5 million, an 8% increase year-on-year, and recorded a 15% increase in primary account customers.
These results have come at a time when Brazil and other countries in the Santander network have moved towards a proprietary global core banking solution, Gravity, and to a global front-end platform, ODS. This transformation has been a two-way process of learning and innovation between Brazil – and the other country businesses – and the group.
One of the main events in Brazil this year was the launch of its new Começa Agora (It Starts Here) campaign. It launched a new fee-free digital current account and card, supported by a reinvigorated front end and including a new chatbot service – taking the fight to Brazil’s neobanks as an integral part of the bank. One unique feature was a 10-day interest-free overdraft.
The new commercial drive encompassed a boosted premier banking service for higher-income customers: vital in a country where consumer credit costs make an unusually large difference to through-cycle profitability. This included a Santander Select global offer, targeting frequent international travellers. The bank also made the most of new offerings in music, including early access to prized tickets, discounts and special areas in concerts for customers, including big international tours visiting Brazil.
In investments, closer integration with the Toro platform and other initiatives helped lead to a 41% increase in net inflows to R$23 billion. The bank also repositioned its SME online and physical offering, investing in specialists, and digitising processes – helping produce a sharp increase in the SME net promotor score as well as higher fees and lending volumes.
Best investment bank 2025: Bradesco BBI
Bradesco BBI is Brazil’s best investment bank due to its achievements across equity capital markets, mergers and acquisitions, and debt capital markets.
As the investment banking arm of Banco Bradesco – one of Latin America’s largest financial conglomerates with a market cap of R$116 billion ($21 billion), a R$980 billion credit portfolio, and over 70 million clients – Bradesco BBI has demonstrated unmatched leadership and innovation.
In equity capital markets, Bradesco BBI led six major operations totalling approximately R$22 billion, advising on landmark transactions including Sabesp, Eneva, Boa Safra, Grupo Pão de Açúcar and Energisa. Its M&A division delivered full-service advisory on over 30 transactions exceeding R$50 billion, earning plaudits for its strategic insight and execution.
In debt capital markets, the bank coordinated R$479 billion in issuances across 447 transactions over the review period, showcasing its strength in local and international debt distribution, project finance, and structured finance.
Bradesco BBI’s comprehensive capabilities, strategic vision, and commitment to client success has enabled it to deliver tailored solutions across complex financial landscapes. Bradesco BBI’s consistent performance and client-centric approach have firmly established it as a cornerstone of Brazil’s financial sector and a benchmark for excellence in investment banking.
Best investment bank for DCM 2025: BR Partners
BR Partners is Brazil’s best investment bank for debt capital markets in recognition of its consistent excellence in structuring and executing complex, high-impact debt transactions across the country.
In a year marked by macroeconomic challenges, BR Partners stood out for its ability to deliver tailored financing solutions that met the evolving needs of clients while maintaining a strong commitment to technical rigour and market timing.
BR Partners has grown into one of Brazil’s leading financial institutions. Its capital markets division, established in 2013, has structured and raised over R$33 billion ($ 5.9 billion) in customised debt offerings since inception. This performance reflects the bank’s deep market knowledge, disciplined execution and close relationships with both issuers and investors.
The DCM team at BR Partners is known for its integrated approach – handling origination, structuring and distribution in a single, cohesive unit. This model ensures a seamless process and allows the team to deliver bespoke solutions that align with each client’s strategic objectives.
The bank’s ability to retain part of the risk on its own balance sheet further demonstrates its confidence in the quality of its deals and its alignment with client interests.
Best digital bank 2025: Nubank
From promoting digital inclusion to refining its premium banking offering, Nubank stands at the forefront of digital banking in Brazil.
Nubank reached 57% of the adult population by the end of the review period, while its footprint in Mexico and Colombia continued to grow rapidly, with nine million and two million customers, respectively.
Nubank’s success is due to its ability to anticipate and meet the changing needs of consumers. The launch of Nubank Ultravioleta, a premium offering for high-income customers, exemplifies this. With features like the Global Account, offering access to over 40 currencies, a debit card accepted in more than 200 countries and a free eSIM with 10 gigabytes of data in 195 countries, Nubank has redefined the travel experience for its users. The NuViagens platform further enhances this by enabling hotel bookings and flight purchases directly through the app, complete with cashback and 24/7 support.
Beyond travel, Nubank has expanded its investment offerings with exclusive bank deposit certificates providing competitive returns and security. In lending, the bank has broadened its payroll loan portfolio to include contracts with the Brazilian armed forces and major municipalities.
Finally, technology remains at the heart of Nubank’s strategy. The acquisition of Hyperplane has supercharged its artificial intelligence capabilities, enabling hyper-personalised financial recommendations. Meanwhile, the Payments Assistant in Brazil has saved customers over 750,000 hours by automating bill payments and streamlining financial management – reflecting Nubank’s mission to simplify lives.
For its leadership, innovation and commitment to consumers, Nubank is Brazil’s best digital bank.
Best digital bank for SMEs 2025: Banco BTG Pactual
Banco BTG Pactual continually demonstrates exceptional commitment to the digital banking needs of small and medium-sized enterprises.
BTG Pactual’s is committed to eliminating traditional banking barriers. Its platform offers a seamless digital experience, enabling SMEs to open accounts, access credit and manage finances entirely online – often within minutes. With a focus on automation, artificial intelligence-driven credit assessments and real-time integrations, BTG Empresas allows businesses to operate more efficiently and make faster financial decisions.
The bank’s innovative lending solutions are designed specifically for the realities of SMEs. From unsecured growth loans and supply chain financing to sector-specific credit lines for agribusiness and renewable energy, BTG Pactual ensures that businesses of all sizes can access the capital they need – without excessive bureaucracy or rigid requirements.
Beyond credit, BTG Pactual has built a comprehensive ecosystem that includes cash management tools, open finance integration and a robust business-to-business hub for partners and advisers. Its platform supports over 300,000 clients and integrates with dozens of enterprise resource planning systems and productivity apps.
Best bank for ESG 2025: Itaú Unibanco
Itaú Unibanco strengthened its sustainability leadership in 2024 with the launch of a new environmental, social and governance (ESG) strategy focused on three pillars: sustainable finance, diversity and development, and climate transition. The bank set a target to expand sustainable financing to R$1 trillion ($180 billion) by 2030, building on the R$400 billion already allocated to sustainable development.
In 2024, ESG bond issuance rose to R$13.6 billion across 30 transactions, while ESG loans increased 170% from the previous year. Itaú updated its sustainable finance framework to include renewable energy and climate adaptation categories and introduced a new sustainable financing and advisory policy to guide ESG integration across origination and advisory activities.
Notable transactions in 2024 included a R$70 million social bond for Grano Alimentos to support family farmers affected by extreme weather, and a R$1.5 billion green and transition bond for Vibra Energia, the first of its kind in a hard-to-abate sector. Itaú also led Raízen’s $1.5 billion debut green bond in international markets and structured Aegea’s hybrid ESG bond, the first in Brazil to combine sustainable, sustainability-linked and blue bond features.
Itaú also expanded its ESG product suite. The Green Entrepreneur Plan and Green Mortgage Financing support sustainable real estate projects, while new agribusiness products promote low-carbon farming and biodiversity. Through the Reverte programme, R$649 million was disbursed to convert 101,000 hectares of degraded pasture into productive land.
Itaú’s ESG governance is anchored in its environmental, social and climate responsibility policy, which mandates ESG integration in decision making and risk management. The bank also supports public policy development, including Brazil’s regulated carbon market.
ESG training was expanded across the organisation during the awards period. A new learning track reached 92% adherence among Itaú’s commercial teams, while supplier engagement was strengthened through online training and recognition programmes. The bank also launched a dedicated ESG newsletter and hosted more than 40 events and 1,400 client meetings focused on sustainable finance and climate topics.
Through these initiatives, Itaú continues to embed ESG across its operations, products and partnerships, reinforcing its position as Brazil’s leading bank for ESG.
Best bank for sustainable finance 2025: Santander
Santander Brazil stands out as a leader in sustainable finance, adhering to rigorous standards and introducing innovative solutions to meet the needs of its clients.
In 2024, Santander mobilised R$35.5 billion ($6.4 billion) in sustainable finance, with the energy sector accounting for 31% and social initiatives 26% of the portfolio. The bank maintained its leadership in renewable energy financing through project finance and retail solutions like CDC Solar and FIT Energia, which enable individuals to access clean energy without upfront investments.
Santander also played a pivotal role in the Eco Invest programme, a government-backed initiative to fund sustainable projects aligned with Brazil’s sovereign green bond framework. The bank’s sustainable finance team worked closely with commercial teams to structure important transactions, including the first sustainability-linked supply chain finance programme in Brazil’s energy sector for Vestas. This innovative deal links supplier financing terms to environmental, social and governance performance, promoting sustainable practices across the value chain.
Santander’s efforts extend beyond financing. Through initiatives like Prospera Microfinance, Santander Universidades and the Amigo de Valor programme, the bank supports financial inclusion, education and community development. Its internal governance, including the Sustainable Finance & Investment Classification System, ensures transparency and alignment with global standards.
Best bank for consumers 2025: Santander
Santander has consistently proven its commitment to the consumer banking sector in Brazil. With a customer base of over 69 million and a 15% year-on-year increase in primary customers, Santander has solidified its position as a leading retail bank in Brazil.
In 2024, Santander accelerated its transformation into a digital-first bank with physical branches, launching the It Starts Here initiative to enhance customer engagement. The bank achieved 98% digital transaction penetration and a 13.5% growth in digital customers, supported by a robust mobile app, artificial intelligence-powered virtual assistants and seamless onboarding processes.
Santander’s consumer offerings are tailored to diverse income segments. The Santander Free account provides low-income customers with a 100% free account, unlimited withdrawals and an interest-free overdraft. For high-income clients, the repositioned Santander Select brand delivers premium services, including personalised investment advisory and exclusive digital features.
The bank also expanded its credit and investment solutions, offering real estate loans, payroll loans and home equity products, while integrating Toro’s investment platform to enhance accessibility. Santander’s microfinance programme, Prospera, supported over 1.15 million active customers, promoting financial inclusion and entrepreneurship.
Customer service was reimagined through multichannel support, including WhatsApp, chatbots and a nationwide branch network. The bank achieved a 97% first-call resolution rate and improved net promoter scores across channels.
Best bank for public-sector clients 2025: Banco BTG Pactual
Banco BTG Pactual, one of the leading financial institutions in Brazil, has demonstrated exemplary performance in serving public-sector clients, catering to the unique needs of these entities through innovative and tailored financial solutions.
BTG Pactual has demonstrated exceptional leadership in public-sector financing through a series of landmark transactions that address critical infrastructure and sustainability needs. The bank structured a R$3.4 billion ($612 million) blue and sustainable debenture for Águas do Rio, supporting water and sanitation services for over 10 million residents. It also executed a R$14.8 billion follow-on offering for water and waste management company Sabesp, in one of Brazil’s most significant capital markets transactions. The Sabesp deal was pivotal in advancing the state’s sanitation privatisation agenda and marked a milestone in the transition of a major state-owned utility to a more market driven model.
BTG Pactual has a deep understanding of public-sector dynamics and its ability to mobilise specialised teams across multiple disciplines. The bank’s integrated approach – combining financial advisory, project structuring and strategic execution – ensures that each solution is aligned with the unique needs of public stakeholders.
BTG Pactual’s commitment to sustainability and innovation has also been a defining factor. The bank has supported projects that not only drive economic growth but also deliver meaningful social and environmental benefits to millions of Brazilians. Its ability to navigate regulatory frameworks and align with public policy priorities has made it a trusted partner for governments and public interest institutions.
Best investment bank for financing 2025: Banco BTG Pactual
Banco BTG Pactual is Brazil’s best investment bank for financing in recognition of its exceptional ability to deliver strategic, large-scale financial solutions across sectors and regions.
Throughout the year, BTG Pactual demonstrated its leadership by supporting a wide range of transformative financing transactions. From infrastructure and energy to agribusiness and logistics, the bank played a central role in enabling projects that drive long-term economic development. Its expertise in structuring complex instruments and mobilising capital has positioned it as a trusted partner for both private and public-sector clients.
BTG Pactual’s approach is defined by precision, agility and innovation. The bank consistently delivers tailored financing strategies that meet the unique needs of each client, whether through project finance, structured credit or capital market solutions. Its ability to navigate regulatory frameworks and execute with speed and scale has made it a standout performer in Brazil.
In 2024, BTG Pactual supported numerous landmark transactions, reinforcing its reputation for excellence in execution and strategic advisory. The bank’s integrated model – combining investment banking, lending and distribution capabilities – ensures seamless delivery of financing solutions that are both impactful and sustainable.
Best bank for corporates 2025: Santander
Santander Brazil has demonstrated exceptional performance as the leading bank for corporates in the Brazilian market. In 2024, Santander served clients in sectors such as telecommunications, logistics, infrastructure, agribusiness and energy, offering a full suite of services including global transaction banking, debt financing, M&A advisory, equities, treasury and energy trading.
The bank’s corporate loan portfolio reached R$135.4 billion ($24.3 billion), reflecting strong demand for customised credit solutions and its ability to support high-growth enterprises.
Santander continued to invest in digital transformation, launching artificial intelligence-powered cash flow forecasting tools, automated trade finance platforms and end-to-end digital lending solutions. These innovations enhanced efficiency, transparency and client experience. The bank also streamlined onboarding processes with digitised know-your-customer procedures, artificial intelligence-driven risk assessments and integrated platforms.
Relationship management was a key focus, with dedicated industry specialists and data-driven engagement strategies ensuring personalized service. Santander’s Open Finance platform enabled over 78,000 corporate clients to connect their accounts, simplifying financial management and enabling real-time insights.
The bank’s commitment to environmental, social and governance issues was evident in its sustainable finance offerings, including green bonds, sustainability-linked loans and advisory services that support clients’ decarbonisation goals. Santander also introduced industry-specific financing for high growth sectors such as healthcare and technology.
