History
Banco do Brasil was founded by then prince-regent João VI of Portugal to finance the kingdom's public debt when he moved from Europe to Brazil, in 1808. It went bankrupt two times in history: one in 1821, when the regent-prince returned to Portugal taking with him the bank's assets, and the second in 1898.
From 1821 to 1964 Banco do Brasil had sometimes performed tasks that exceeded its role as a traditional commercial bank, issuing currency, having the monopoly of currency exchange transactions and serving as National Treasury holder for the government. Such tasks were gradually given to other governmental institutions, mainly with the creation of the Central Bank of Brazil in 1964 and the separation from the National Treasury in 1987.
From 1992 onwards it was restructured as a commercial bank, using its huge geographic distribution and credit assets to leverage its redesign as a "normal" bank. In the process, tens of thousands of workers were laid off.
After decades of losses financed by the public treasury, the bank became very profitable and is one of the key structures used by the government to finance public programs, like "Fome Zero" (No Hunger) and DRS (Sustainable Regional Development).
Read more about this topic: Banco Do Brasil
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