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Online credit card company Nubank, personal finance management app GuiaBolso, online insurance broker Bidu and Orama, an online broker that lets users compare the past performance and fees of investment funds are all upstarts winning market share way from the 5 large domestic banks.
Brazil`s banking system is concentrated into five large banks: three listed groups, Itaú Unibanco, Banco Santander and Bradesco, and state-controlled Banco do Brasil and Caixa Econômica. The industry is one of the world`s most lucrative, with return on equity still at nearly 19 per cent for Itaú and 15 per cent for Bradesco in the first quarter of this year even after almost three years of recession, according to data company Economatica, higher than US and European averages.
https://www.ft.com/content/78058d7c-7c90-11e7-9108-edda0bcbc928
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