Which Brazilian bank was founded in 1808 and is one of the world’s oldest active banks?
Answer
Banco do Brasil
Banco do Brasil was founded in 1808 and is one of the world’s oldest active banks.
The bank was established in Rio de Janeiro on 12 October 1808 by Prince Regent John, who had moved the Portuguese court to Brazil during the Napoleonic Wars. Its creation supported public finance and the economic administration of the Portuguese Empire from its new seat in Rio.
Banco do Brasil has changed structure several times, including a major reorganization in the nineteenth century. It remains a large Brazilian financial institution and is partly controlled by the Brazilian federal government.
It is not Brazil’s central bank. The Central Bank of Brazil was created in 1964 and is responsible for monetary policy and financial-system oversight. Banco do Brasil, by contrast, operates as a commercial bank while also carrying out some government-related financial functions.