Bank of Brazil

(Banco do Brasil), the largest commercial bank in Brazil. Prior to the organization of the Central Bank of Brazil (1965), this bank performed some of the functions of the nation’s central bank. A majority of the stock belongs to the government.

The Bank of Brazil was established in 1808 with the right to issue bank notes and functioned up until 1829. It was reestablished in 1851 and in 1853–54 underwent a fundamental reorganization. Since the proclamation of the republic (1889), the Bank of Brazil has played a leading role in the nation’s credit system. Special organs of the bank have supervised the credit and currency system of Brazil. During certain periods the bank has been entrusted with the issuing of import and export licenses. The Bank of Brazil had the right to issue bank notes until 1946; according to the Constitution of 1946, this right was given exclusively to the national treasury. The chairmen, directors, and certain other officials of the bank are appointed by the president of the republic. In 1968 the Bank of Brazil had 645 branches in Brazil and subsidiaries in Argentina, Bolivia, Paraguay, Uruguay, and Chile. Its stock capital at the beginning of 1968 was 60 billion cruzeiros, reserve capital was 496 billion cruzeiros, deposits were 11.9 trillion cruzeiros, and credits extended to the national economy were 14.9 trillion cruzeiros.