The 10 Biggest Latin American Banks

The largest banks in Latin America are largely concentrated in two countries. Seven of the biggest institutions by asset size are in Brazil. The other three are headquartered in Mexico. We highlight some key information about each of these financial institutions, including total assets and a brief history. Rankings are based on total assets, according to an April 2024 report from S&P Global.

1. Itaú Unibanco Holding SA

• Country: Brazil
• Assets: $555.72 billion
• Ticker: ITUB

The bank’s name and logo were adopted in 1973 and remain the same, but its roots date back to the mid-1920s, when João Moreira Salles started selling coffee through his business, Casa Moreira Salles. Since then its focus has shifted, expanding from financial services for coffee growers to the general public.

Itaú is one of Brazil’s largest private-sector banks, with more than 90,000 employees and 60 million customers. The bank has a presence in 17 countries outside Brazil that spreads across retail, corporate, and investment banking. It also provides support for mergers and acquisitions (M&A).

2. Banco do Brasil SA

• Country: Brazil
• Assets: $447.72 billion
• Ticker: BDORY

The second-largest bank in the region is a government-controlled institution. Banco do Brasil is based in Brasília. It is one of the world’s oldest banks and one of Brazil’s first financial institutions, having been founded in 1808. Employing more than 86,000 people as of June 2023, the bank has branches, offices, and subsidiaries in more than 20 different countries.

The bank offers retail and corporate services to individuals and businesses. It also has asset management services and foreign exchange capabilities. Some of its other business segments include:

• Insurance
• Pensions
• Capitalizations
• Investments
• Payment means

3. Banco Bradesco SA

• Country: Brazil
• Assets: $394.76 billion
• Ticker: BBD

Founded in 1943 as Banco Brasileiro de Descontos, Banco Bradesco’s main goal was to attract small business owners, government workers, and “people of modest possessions,” as opposed to “big landowners,” which most other Brazilian banks pursued at the time. According to the company’s website, it was among the first banks in the country to encourage the use of checks in its branches.

Headquartered in São Paulo, Banco Bradesco serves more than 71 million retail and corporate banking clients, while employing just over 86,000 people across 2,703 branches. In addition to its banking products, it offers insurance services and retirement plans.

4. Caixa Econômica Federal

• Country: Brazil
• Assets: $377.29 billion
• Ticker: N/A

Established in 1861, Caixa is a private government entity with a close relationship with the Brazilian Ministry of Finance. The bank plays a key role in executing income transfer programs and putting national housing policies into effect. It also manages the country’s main lottery programs.

5. Banco Santander (Brasil) SA

• Country: Brazil
• Assets: $237.66 billion
• Ticker: BSBR

Banco Santander (Brasil) SA was founded in 1857 and is part of a larger European financial institution based in Spain. Its main geographic focus is on Europe, North America, and South America, as well as its digital bank for consumers. The bank entered the Brazilian market in 1957 and opened its first bank branch in Brazil in 1982.

The company’s Brazilian operations employ 58,505 in 2,772 branches as of the first quarter of 2023. There are 63.3 million total Brazilian customers. This is the major portion of the company’s presence in South America, which also extends to Chile, Argentina, Uruguay, Colombia, and Peru.

6. Grupo Financiero BBVA México SA de CV

• Country: Mexico
• Assets: $197.29 billion
• Ticker: N/A

Mexico’s largest bank in terms of assets, Bancomer is a subsidiary of the Spanish company BBVA. It was founded in 1932 in Mexico City. At the time it operated under the name Banco de Comercio. The Mexican government nationalized the company in 1982.

Its revenue stream includes retail banking operations, stock brokerage services, insurance, and mutual fund management. As of June 2023 Groupo Financiero BBVA had 1,736 bank locations and a network of 14,232 automated teller machines (ATMs) in the country.

7. Grupo Financiero Banorte SAB de CV

• Country: Mexico
• Assets: $134.56 billion
• Ticker: GBOOF

Banorte was opportunistic in the wake of the Mexican financial crisis in the 1990s, acquiring multiple banks and building its presence throughout the country. Officially known as Grupo Financiero Banorte, the bank offers retail banking products as well as investment services, annuity and insurance products, retirement funds, and warehousing capabilities.

8. Banco Santander Mexico SA Institución de Banca Múltiple Grupo Financiero Santander Mexico

• Country: Mexico
• Assets: $108.40 billion
• Ticker: N/A

Santander Mexico provides a wide range of consumer products, including mortgages, credit cards, and personal loans. The bank, a division of Spain-headquartered Santander, also caters to business clients. Services include pension planning, financing solutions, and foreign trade services.

9. Banco BTG Pactual SA

• Country: Brazil
• Assets: $101.65 billion
• Ticker: N/A

BTG Pactual is one of the most active banks in the country's investment sector, often giving advice on mergers and acquisitions and equity markets, among other financial topics. The bank claims to be involved in more than 90% of transactions performed in Brazil. The bank also maintains offices around the globe, including in the United States, the United Kingdom, Spain, Portugal, and Luxembourg.

10. Grupo Financiero Citibanamex SA

• Country: Mexico
• Assets: 93.92 billion
• Ticker: N/A

Banamex was started as a merger between two banks in 1884. In 2001, Citigroup bought the bank for $12.5 billion, and Banamex now focuses on consumer banking after Citigroup split its Mexican corporate investment business from its retail unit. Banamex provides insurance, credit, and savings accounts, among other services.

The Bottom Line

The 2024 top 10 list stayed relatively consistent with its 2023 version. But the bottom three slots in the ranking order changed: Banco Santander Mexico moved up one slot into eighth. Banco BTG Pactual SA moved up two slots into ninth. Lastly, Grupo Financiero Citibanamex SA moved up two slots into tenth. Since political uncertainties pushed two Chilean banks off the list, the number of countries currently represented dropped from three to two: Brazil and Mexico.