Caixa Economica Federal (CABK.MC).
CAIXA is the biggest public bank in Latin America. The figures are impressive: the customer base was expanded by 42% over the past two and a half years, rising from 23.1 million to 33.6 million people. And more than 3 million people entered the Brazilian banking system through the simplified account program, the largest share of banking inclusion of the country.
The deposits volume at CAIXA grew 16% in the period and the savings deposits 18%, reaching a balance of $ 50.2 billion, consolidating its position as a leading institution in this segment. Between 2002 and mid 2005, the company's banking assets increased by 30%--second highest asset among financial institutions operating in Brazil.
In the first half of 2005, CAIXA had the highest six-monthly profit in its history. A major reason for this result was the strong growth in revenue from credit operations, which since 2003 had increased by 101%. That same year, A CAIXA was awarded in four categories by Exame, which evaluates the best investment funds market.
A CAIXA also highlights when it comes to service. Its network, the largest in the country, covers all 5,561 Brazilian municipalities with more than 17,000 points of services split among branches, lottery booths and CAIXA AQUI correspondents. Moreover it will be even bigger: in 2003, began the project to install 500 new branches, of which over 150 are already working. Almost 3500 new correspondents CAIXA AQUI and lottery booths were installed in the last 30 months.
In addition, for those who prefer other channels of service, CAIXA also offers ATM's, 24h Bank, automatic debit, telephone service and CAIXA Internet Banking.
Even those who are outside of Brazil can count on CAIXA. Since 2004, the Brazilian emigrants may use the CAIXA International remittances of funds to the country. Signed in 2005, an agreement with the Portuguese bank BCP secured further ease this process.
On January 12th 1861 began the history of CAIXA and its commitment with the Brazilian people. On this day Dorn Pedro II signed Decree nA[degrees] 2.723, creating Caixa EconA'mica and Monte de Socorro. Created with the purpose to stimulate savings and to grant loans under pawn, the institution came to challenge others who were acting on the market, but who would not offer serious guarantees to the depositors, or who would charge excessive interest from the debtors.
In almost a century and a half of existence, CAIXA has witnessed transformations which have marked the history of Brazil. It has followed changes on political systems and has actively participated on the process of urbanization and industrialization of the country.
In 1931 it began to operate the mortgage portfolio for the purchase of property. Fifty five years later it incorporated the National Housing Bank (BNH), being definitely established as the major national agent for home financing and as an important financer of urban development, particularly basic sanitation.
Also, in 1986, CAIXA has incorporated the role of operating agent for the Assurance Fund for Period of Work (FGTS), previously managed by BNH. Three years later it began to centralize all the accounts for the collection of FGTS existing on the banking network and to manage the collection of this fund and the payment of amounts due to workers.
Since its creation, CAIXA has established close relations with the population, attending their immediate needs through savings, loans, FGTS, PIS, Unemployment Benefit, educational credit, housing loans and transfer of social benefits. It has also stimulated dreams of wealth and a better life with the Federal Lotteries, of which it controls the monopoly since 1961.
Along its history, CAIXA has grown and developed, diversifying its mission and widening its area of performance. Today it attends current account holders, workers, beneficiaries of social programs and gamblers. It also supports cultural- artistic, educational and sporting initiatives throughout Brazil. As the main agent for the Federal government public policies, CAIXA acts throughout the country and brings geographic and social approximation. There are already 8,4 million current account holders and 29,1 million savers, which corresponds to 31% of all the national savings market.
For the full report see: