FINANCE & ADMINISTRATIVE

Sponsor:
DEAL WITH BANKS
AND FINANCING IN
BRAZIL
4
TH
EDITION
American Chamber of Commerce for Brazil - AMCHAM
International Afairs Department
Brazil, 2013/2014
*Este guia faz parte do projeto
ACKNOWLEDGMENTS
Operating since 1982 in the security and surveillance segment, GRABER has been expanding its
participation in the sectors of surveillance, personal security, specialized services, electronic
security projects, and cargo and vehicle tracking. The company is a pioneer in the provision of
integrated security services in Brazil and the rst Latin American company to be granted the ISO
9001 Certication. Now holds the ISO 14001 and OHSAS 18001, minimizing environmental
impact and meeting all the legal requirements of quality, health, workplace safety and
environment. It was also the rst to introduce the e-learning concept, to offer a 24-hour assistance
service for expatriates, and to create a Corporate University to train and provide specialization
courses for its over 15,000 employees. We have been partnering with AMCHAM since the
beginning of the How To Series because we believe, not only in this project, but also in the
professionalism with which the information is provided to international companies. Being able to
contribute in such a simple and objective way is a great pleasure to our company.
The American Chamber of Commerce for Brazil, being the largest Amcham outside the United
States is constantly serving its members by building bridges for Brazilian businessses worldwide.
Our foreign investment attraction efforts have also been a key leading point for Amcham. The How
to Series is part of this initiative. With the support of some of our corporate members we are putting
together strategic information on the most various aspects of doing business in Brazil. As part of
BRICS (Brazil, Russia, India, China and South Africa) and representing the 7
th
largest economy
of the world, Brazil has clearly demonstrated its importance in the global market. The countrys
business environment as well as foreign investment numbers, despite international crisis, continues
very positive. Medium and high classes are increasing, which creates a solid internal market and
contributes to maintain good results in the economy. The 2014 FIFA World Cup has been esimated
in US$ 56.8 billions and the 2016 Olympics in US$ 19.3 billions in investments. These events have
had an impact on direct investments in Brazil and in infrastructure projects needed to hold them
in the country. It is now more than ever a strategic time for businesses opportunities in Brazil. We
welcome you and hope that the information you are about to read serves you best.
The How to Do Business and Invest in Brazil initiative, conducted by the American
Chamber of Commerce is a key instrument to disseminate information about the countrys
business environment, one of the markets that has most attracted attention of investors
in recent years. With operations that span over 30 years, Santander Brasil also has an
optimistic view of the country. We strongly believe in Brazils potential for growth due to
the countrys combination of a robust domestic market, a dynamic business environment
and stable institutions. For these reasons, Santander Brasil (which current boasts a 24%
contribution to Santanders profts worldwide), will remain as a key player in the Groups
strategy.
Jess Zabalza - CEO, Santander Brasil
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Disclaimer: This document is for information purposes. Any
decisions to contract products herein should be based solely on
the customers analysis. No assumption, projection or example
contained herein should be deemed to guarantee future events and/
or performance. This document does not constitute any binding
obligation on banks.

CONTENT
01 GENERAL VIEW 06
02 BANK ACCOUNTS 09
03 FOREIGN EXCHANGE (FX) 11
04 HEDGING 15
05 MAIN FINANCING PRODUCTS 19
06 BANK GUARANTEES 36
07 INTERNATIONAL GUARANTEES 38
08 INVESTMENTS 39
09 ABOUT OUR SPONSOR 41
5.4%
13.4%

55.4%
9.6%
Northeast
North
Middle-West
South-East
South
16.2%
The changes on the demographics pyramid played
an important role, as Brazil is now passing through a
window of opportunity called demographic bonus. This
bonus occurs when the number of citizens in working
age is higher than the number of people who depend on
them (children and elders). Also more than 8 million
jobs have been created in Brazil since 2003 and average
unemployment rate has dropped down from 12.3% (2003)
Brazil is the 7th largest economy in the world, with a vibrant
business environment and a huge consumer market size. In the
last 20 years, Brazil was able to overcome high infation rates,
stabilize economy, balance external debt and create a good
framework for development. In this positive environment,
Brazil was able to improve its income distribution and,
summed with a better balance in the demographics pyramid,
low unemployment rates and advances on the credit market,
brought more than 36 million additional people to the
consumer market. This tendency is expected to keep on in the
forthcoming years, giving a boost to the social condition.
199.8 Mi
2.2 trln USD
10,957 USD
(EST.2013)
2.79








01.
GENERAL VIEW
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Source: IBGE, FGV e LCA
Assembly: Ministry of Finance
POPULATION OF BRAZIL
Trend of Social Mobility
*in Millions of people
Regions: Participation in total GDP (%)
improve the investment environment and cut down taxes
to stimulate some sectors.
The total amount of investment in infrastructure from
2011-2016 is estimated in 1 Trillion BRL (around 0.5
Trillion US$) according to the distribution below:

PAC
Source: Ministry of Development, Industry and Foreign
Trade (MDIC), Brazil World Cup Offcial Website and
Santander estimative.
CREDIT MARKET
The positive social economic environment was followed
by an expansion on the Brazilian credit market. From
2005, growth in income has been matched by more
credit in the fnancial system. Total outstanding credit
almost doubled since then, reaching 55.5% of GDP
(BRL2.2 Trillion, Exp. 2013), and there is still room
for improvement if we compare it to global standards.

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to 5.4% (2013), being the last three years considered
under a full employment condition by specialists (6%).
This means that the majority of the population is indeed
working and creating wealth.
Source: IBGE
This social phenomenon, added to the increase in the credit
market, multiplied the power of purchase of Brazilian
families, boosting consume and supporting the growth and
development of local and international companies in the
country. This new dynamics brought the need for investment
in almost all segments and mainly in infrastructure.
Launched in 2007 by the Brazilian government, the Program
for the Acceleration of Growth (PAC) is the umbrella
program for thousands of infrastructural projects around the
country, such as building and repairing highways, airports
and ports, energy development, housing, water and sewage
systems, many of which aim to improve the situation of
disadvantaged members of Brazilian society. The program
also consists of measures to boost low interest rate credit,
Brazil - Total Credit as % of GDP
Source: Brazilian Central Bank (BACEN).
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This growth did not come just because there were new
people accessing the credit market but also because, as
market evolved, the tenors became longer and the credit
cost lower. With this combination, there was an increase
in the purchasing power of the Brazilian consumer market
without pressuring household debt service.
Considering all this local elements inserted in a global
context of economic and fnancial crisis, Brazil turns out to
be a very attractive and potential market for international
companies searching for sustainable growth, geographic
diversifcation and better returns.
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Source: Central Bank of Brazil
Disposable Income (%)
02.
BANK ACCOUNTS
Brazil has a well regulated fnancial market, with a
strong autonomous Central Bank and a set of specifc
regulations that must be followed. Once the regulations
are followed, any company, be it local or international,
shouldnt have any problems on operating in the country
and repatriating dividends.
When it comes to bank accounts, the basic points that an
international company needs to know are:
Demand and Deposit accounts are opened for
companies legally established in Brazil, with
local resident representation (at least one
local administrator);
Accounts are only allowed in local currency
(Brazilian Real, represented by R$). Banks are not
allowed to deal with multi-currency accounts;
Neither netting nor interest compensation cash
pooling are allowed (for more information on cash
management, please consult publication How to
do cash management in Brazil);
Although regulated by law, banks in Brazil do
not usually provide non-resident accounts.
DOCUMENTATION
The standard documentation commonly required for
opening an account is:
1. Local Company social contract including
the CNPJ Number (local fiscal number)
approved by the local state commercial organ,
called Junta Comercial;
2. Parent Company Social contract translated to
Portuguese and notarized
1
;
3. Local Administrator Copy of personal documents:
local ID, CPF number and proof of address in Brazil
(electricity bill, phone bill or similar);
4. Bank Forms fulflled signed by the
local administrator.
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i) Document already required by the Junta Comercial approval, the bank will only need a copy of the documentation already presented for obtaining
the document in 1. ii) If there are foreign individuals as shareholders of the local company: copy of international personal documents.








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KNOW YOUR CUSTOMER
PROCEDURES:
As part of Money Laundry avoidance, Brazilian banks
are subjected to Compliance policies, and it is common
to ask for the diagram of shareholders composition until
getting to an individual or an open/listed company (when
participation on the local company is relevant).
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03.
FOREIGN EXCHANGE (FX)
All fnancial operations inside the country must be done
in Brazilian Reais, so all payments, collections, contracts,
receivables, etc. must be done in local currency. For an
international company willing to operate in the country, this
means that the subsidiary is going to operate in a currency
different from the one used by the parent company. This
also means that a currency exchange operation will be
needed in all capital transfers between subsidiary and
parent company, be it sending or repatriating money.
HOW IT WORKS:
When sending money into Brazil (inflow), it
will arrive at your subsidiary bank account in
foreign currency (US$, EUR, etc.) and while
it stays in this currency, no local financial
operation is allowed. Once the company orders
the currency exchange transaction and the
money is converted to Reais, local transactions
can be done;
When remitting capitals into Brazil (infow) the
proper registration in the Brazilian Central Bank FX
System is mandatory;
Foreign currencies exchange operations must be
done through Institutions authorized by Central
Bank to operate in the FX Market;
Currency exchange operations must be formalized
through forms called FX contract;
FX contracts must be signed between local client
and local FX agent;
FX operations must be followed by specifc
documentation that proves and matches the
transaction value;
There are specifc taxes involved, depending
on the nature of the operation. Values may
vary from time to time. A legal tax advisor is
strongly recommended.
INFLOW AND OUTFLOW OF CAPITAL:
There are not capital repatriation barriers or limits
in Brazil, as long as the capital entered the country
with the proper registration beforehand. Capital
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Infow nature will determine primarily the way it will be
repatriated in the future. The two most common natures
are described in the following.
CAPITAL INJECTION:
If infow purpose is to inject capital in a local vehicle in
Brazil it should be treated, registered and documented
as Capital Injection. The values should have the specifc
registration on Central Bank and must be refected in the
social contract of the local vehicle. In the future those
values should be repatriated as dividends. Operational fow
and taxation involved:
Capital Injection Comprehensive Step by Step Process:
Step 1: Registration of the Foreign Entity at the
Cademp (Cadastro de Empresas rea Designada).
Step 2: Registration of the RDE Electronic
Declaratory Registration at the Sisbacen (Brazilian
Central Bank system).
Foreign Direct Investment: IED
Documentation: IED approved by the Central
Bank and power of attorney to register the IED
on behalf of the Brazilian company.
Tax: IOF of 0.38% over the notional in BRL.
Step 3: Foreign Exchange Flow:
a) The Foreign entity delivers the amount in US$
in a correspondent bank abroad agreed with the
bank in Brazil, on the settlement date.
b) Bank in Brazil delivers the equivalent amount
in BRL, at the agreed exchange rate, on the
Brazilian Entitys onshore account, on the
settlement date.
The future outfow would be done as dividends or Interests
on Equity Reserve. Dividends are not taxable at local level
(as long as you are not operating from a tax heaven in
which case they would be taxed at 15%) and Interests on
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BRL
Offshore
Local
Bank

USD, EUR,
etc

Parent
Company
Brazilian
Entity
b
a
Payment instructions to Brazil in Dollars (USD)
Data Involved: Swift (BIC CODE) of Correspondent Bank,
Clearing Code, Account Number, Beneficiary Bank Swift (BIC
CODE), Company Beneficiary Name:
Equity Reserve are taxable from 10% to 25% over the
notional in BRL, depending on where the benefciary lies.
Outfow Registration:
Documentation: IED approved by the Central
Bank and power of attorney to register the IED
on behalf of the Brazilian company.
Copy of Minute of deliberation Registered
in the Junta Comercial and the last Balance of
the company.
Foreign Exchange Flow:
Brazilian entity delivers the equivalent amount
in BRL, at the agreed exchange rate, to the bank
in Brazil.
Bank in Brazil delivers the amount in US$, on
an offshore account of the clients entity, on the
settlement date.
INTERCOMPANY LOAN:
If inflow purpose is to lend money from the parent
company or another offshore vehicle to a local vehicle in
Brazil, it should be treated, registered and documented
as Intercompany Loan. The values should have the
specific registration on Central Bank and must be
documented in a loan contract, stating the loan tenor,
interests and payments. In the future those values
should be repatriated as loan payments (principal and
interests). Bellow we describe the operational flow
and taxation involved:
Intercompany Loan Comprehensive Step by Step Process
Step 1: Registration of the Foreign Entity at the
Cademp (Cadastro de Empresas rea Designada).
Step 2: Registration of the ROF Financial
Operation Register at the Sisbacen (Brazilian
Central Bank system).
Step 3: Foreign Exchange Flow: same as
Capital Injection.
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BRL

Offshore
Local
Bank

USD, EUR,
etc

Parent
Company
Brazilian
Entity
b
a
Payment instructions to Brazil in Dollars (USD)
Data Involved: Swift (BIC CODE) of Correspondent Bank,
Clearing Code, Account Number, Beneficiary Bank Swift (BIC
CODE), Company Beneficiary Name:
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Some documents are necessary to obtain
an intercompany loan, as copy of the loan
agreement, form with terms & conditions of
the loan signed by the Brazilian company and
power of attorney to register the ROF on behalf
of the Brazilian company.
About taxes, 0% of IOF will be applied over
notional in BRL for loans with duration longer
than 360 days
2
and 6.00% over notional in BRL
for loans with duration shorter or equal than
360 days. If a company decides to prepay a
contract at any point in time, changing duration
previously settled to a period inferior than 360
days
2
, a 6% IOF will be charged over the whole
notional at the moment of prepayment.
The future outfow should be done as loan payments
(principal and interests). Interests are taxable at local level
from 15% to 25% depending on where the benefciary lies.
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According to Decree 7853/2012 of Dec/05/12. Please consult banks to verify legislation in force.
Summary Table Tax Incurrence on Foreign Exchange Operations
3
.
04.
HEDGING
There are many fnancial instruments for protecting a
companys asset, investment or liability against currency
risk. Considering that Brazil has a free foat exchange rate
regime and also that innumerous variables can affect its
value, it is important that international companies consider
having a hedging strategy.
There are many fnancial instruments for hedging like
options, forwards, swaps and other structured derivatives.
By analyzing the fow of resources and company operations,
a bank will be able to advise you on the best alternatives
for each case.
On the following topics, two hedging products commonly
used are detailed.
NON DELIVERABLE FORWARD (NDF)
Target Market:
Companies with assets, investments or liabilities indexed
to foreign currencies which are seeking protection against
an appreciation/depreciation by such currencies against
the Real.
Description:
The non-deliverable forward (NDF) entails purchasing
or selling a given amount of currency at a predetermined
rate. There is no physical payment, i.e. the settlement
is made by the difference between the contracted
Forward Rate and the reference price quotation adopted
for the expiration of the operation (usually the Ptax
exchange rate for the US dollar). Thus, if the quotation
at expiration is greater than the Forward Rate, the
purchaser of the currency receives the payoff from the
seller. If it is less, the seller receives the payoff from
the purchaser.
Benefts:
No cash outlay at the inception of the transaction.
No daily payoffs, as would be the case with BM&F (Brazilian
Mercantile & Futures Exchange) futures contracts.
Same standard as used by the international market (Non-
Delivery Forward).
Terms:
There are no minimum amounts or terms imposed
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EXAMPLE
A company which imports raw materials from the U.S. to
be paid on credit has a liability in dollars on its books. In
order not to run the risk of gains made by the US dollar
against the Brazilian real, the company could contract a
Currency Agreement with a bank, supposing the company
buys an amount of US Dollars of 1,000,000 (Base amount)
at a rate of R$/US$ 1.72 (Future Rate) to be settled in 180
days at the PTAX exchange rate.
On the expiration date, supposing the Ptax rate is R$/
US$ 1.75, the payoff amount for the company would be
calculated as the following:
US$ 1,000,000.00 (1.75-1.72) = R$ 30,000.00.
Since the quotation adopted as a reference is greater than
the contracted rate, the customer shall receive the difference
between these rates. The example below sets forth the
payoff amounts under different values of the dollar:
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on the operations. The terms are freely agreed by the
parties. Currencies other than the US$ can be traded,
including: Euro (EUR), Yen (JPY), Sterling (GBP)
amongst other (but for the maximum term of one year,
in these cases). The reference quotation at expiration
can be: PTAX (Official rate published by the Central
Bank of Brazil) and Currency Feeder (Ex: Reuters).
It is not possible to perform forward transactions for
this product.
Regulations:
The transactions are governed by Resolutions N 2873
and N 3505 issued by the CMN (National Monetary
Committee) and registered at CETIP (Central Securities
Depositary). The Currency Agreements are executed by:
Signing a master agreement which sets forth the general
terms and conditions of the transaction, and signing a
Trading Bill for each operation performed, refecting the
specifc conditions of the deal engaged.
Taxes Applicable:
Income Tax of 15% over positive results received by the
company. Additionally, there will be a complementary
Income Tax withheld at source of 0.005% over positive
results received by the company
4
. For currency
selling positions over US$ 10 million, incurrence of
1% IOF over the exceeding value, to be collected
by the company. There are legal tax exemptions for
exporters, please consult a tax advisor for rule detail
and calculation.
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There will be no retention at source if the sum of the adjustments received from the same counterpart during the same month is below R$ 20,000.00.
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FX DELIVERABLE FORWARD
Target Market:
Companies with receivables due in the future in foreign
currency that want to protect themselves from any
unfavorable exchange rate variation.
Description:
Foreign exchange transactions with future delivery of both
foreign and Brazilian currency. Exchange rate is determined
upon the closing of the foreign exchange transaction (T+0),
but the foreign currency and Reais are deliverable on a
future date (T+n).
Benefts:
A hedge option for receivables in foreign currencies.
100% Market Risk free on the settlement day. Eliminates
the risk of mismatch between the PTAX used to settle
the swap and the exchange rate used to transfer the funds
(the risk-base). Potential premium depends on the
market conditions at the time of closing. FX Deliverable
Forward transactions are executed by the standard
exchange contract itself. All terms and conditions agreed
by the customer and the Bank are established within the
FX contract agreement. Supporting documentation must
be presented until settlement.
Regulations:
This transaction is regulated by the Brazilian Central
Bank and other complementary norms published by other
authorized entities.
Tenor of transactions can be up to 360 days from the
closing date.
The settlement of the transaction may be anticipated as
long as it is recorded within the presented documents.

Taxes Applicable:
Withholding Tax applied on the possible premium
(income), according to transactions term (regressive
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A short position in a NDF would therefore be as follows:
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rate) of Law 11033/2004 (22.5% transactions up to 180
days and 20% transactions with term between 181 and
360 days).
IOF: According to Summary Table Tax Incurrence on
Foreign Exchange Operations (Please see on chapter 3 -
Foreign Exchange).
EXAMPLE
Below is an example of a receivable to be settled at a
future date.
Amount: US$ 1,000,000.00;
Closing date of the Deliverable Forward transaction:
Jan/05/2012;
Spot Exchange rate at Jan/05: 1.8500;
Settlement date for the Brazilian currency:
May/04/2012;
Exchange rate for future settlement: 1.86;
Maturity of the obligation abroad: May/03/2012.
Jan/05/2012 May/03/2012
May/04/2012
Closing of the FX
Deliverable Forward
Foreign Currency Payment
(US$ 1,000,000.00)
Brazilian Currency Payment
(R$ 1,860,000.00)
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05.
MAIN FINANCING PRODUCTS
WORKING CAPITAL
Target Customer:
Companies in general with predictable cash fows which
require short-term or medium-term funding to support their
working capital needs.
Description:
Local currency loan for a given term, intended to support
short or medium-term funding needs.
Benefts:
Amortization according to the schedule chosen by the
Customer in order to be most suitable to its cash fow.
Disbursement either immediately or at a scheduled date in
the future.
Customer does not need to evidence the resources destination.
Contract length may be adapted to the customer necessity.
Terms:
Amount: Established in the Credit Loan Agreement,
according to the credit limit. Rates: Fixed or Floating
(CDI, TR, IGP-M)
5
;
Minimum Terms:
Fixed/Floating rates: one day; Reference Rate (TR):
two months; IGP-M (general prices index: one year);
Payment schedule: in installments or at the maturity date.
Documentation:
Loan Agreement: An agreement which formally establishes
the amount, term, and other conditions of the loan.
Promissory Note: An instrument of credit which
represents the Customers Obligation.
Agreement of Collateral: Instrument which formally
establishes the collateral rendered by the Company,
when applicable.

Taxes:
IOF (fnancial transaction tax):
0.0041% per day (consecutive days) over the principal
amount, limited to 365 days; Plus 0.38% over the
principal amount.
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Subjected to bank approval.
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OVERDRAFT ACCOUNT
Target Customer:
Companies with non-predictable cash fows, which require
short or medium-term funding to support their working
capital needs, or which do not wish to prematurely
withdraw funds that have been invested.
Description:
Revolving line of credit whereby the awarded credit limit
can be fully or partially used and outstanding balances
can be settled at any time during the agreements term.
The established credit line shall always be linked to an
unblocked current account.
Benefts:
Speedy and manageable. Funding available at any time.
Interest and IOF (Financial Transaction Tax) over the
daily outstanding balance used.
Terms:
Term: At least 30 days.
Maximum: To be established according to the credit limit,
limited to 6 months.
Rates Fixed or foating (CDI)
6
.
Interest Payment: monthly (on the frst working day of
the month) or at the maturity date.
Types: a) Regular: any withdrawal or repayment must be
requested; b) Deposit: previous requests are not necessary.
Documentation:
Revolving Credit Agreement: An agreement which
formally establishes the amount, term and other conditions
of the overdraft account.
Promissory Note: An instrument of credit which represents
the Customers Obligation.
Agreement of Collateral: Instrument which formally
establishes the collateral rendered by the Company,
when applicable.
Taxes:
IOF (Financial Transaction Tax): 0.0041% to be paid
on the sum of the daily outstanding balances for the
month, charged on the frst working day of the following
month; 0.38% to be paid on the sum of the total amount
after each day increase, on the frst working day of the
following month.
SUPPLY CHAIN FINANCING
CREDIT ASSIGNMENT WITH RECOURSE
Target Customer:
Industrial and commercial companies, interested in a working
capital transaction and improving balance sheet ratios.
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Subjected to bank approval.
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Description:
Assets transference deal, qualifed generically as accounts
receivables (credits). These credits must be represented by
credit securities (Trade note receivables, promissory notes,
others) and must be already performed.
Characteristics:
The credits negotiated may be from commercial activity of
the company or operations described by their activity roll.
The credits may be represented by credit securities
(trade notes payable or promissory notes) or via contract
formalized and may be performed.
The credits may have no legal impediment (allowing the
assignment to the bank).
Banks Customer (Assignor) is the credit risk for this transaction
(since it is the guarantor of all Payers indebtedness).
Benefts:
Possibility to concede better duration conditions, negotiated
with the bank.
Interest rate negotiated with the bank for the transaction
may be different than interest rate negotiated with
the Payers for the credit sale, keeping a different sales
strategy control.
Possibility to improve balance sheet ratios, depending
on the accountancy rules used by the companies: i) this
operation may be not accounted as a bank loan; ii)
accounts receivable may suffer reduction and increase
cash/bank deposits.
Negotiation Details:
Acquisition Value: Price paid for the credits acquisition,
considering the interest rate and the term negotiated for
the transaction.
Minimum and maximum value: There are no restrictions
being the maximum value established by the credit limit
approved for the Payers.
Operations Terms: No minimum term. According to the
credit limit approval.
Disbursement: via TED (Eletronic Transfer) or credit in
current account.
Repayment: Directly by the Payers to the bank, through
settlement of payment slip order, TED or debit in current
account, under the Payer authorization.
Documentation:
Credit Assignment Contract: Formalizing the credit
assignment, the responsibility of the customer for the
credits existence and for the Payers indebtedness.

Notifcation: The document is delivered to the Payers,
communicating the cession and supplying payment
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roll instructions.
Notes:
Floating indexed credits must be approved by the Bank.
Taxes:
IOF: no incidence.
EXAMPLE
1) Customer/Assignor practices credit sales with its
clients (sales strategy);
2) Customer/Assignor assigns its receivables (credits against
its clients/Payers) to the bank with non-recourse (by signing
a Credit Assignment Agreement with no recourse);
3) a) Customer/Assignor notifes clients/Payers regarding
the assignment transaction;
b) Customer/Assignors clients/ Payers sign a notifcation
letter agreeing to pay the bank directly as their new creditor;
c) Bank makes the assignment payment to Customer/Assignor;
4) Payers effect the payment (in the maturity date)
directly to the bank;
5) In case of indebtedness, the Assignor effects the
payment to the bank as the Payers guarantor.
CREDIT ASSIGNMENT WITH NO
RECOURSE
Target Customer:
Industrial and commercial companies, interested in
Bank
Payers
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a working capital transaction and improving balance
sheet ratios.
Description:
Assets transference deal, qualifed generically as accounts
receivables (credits). These credits must be represented by
credit securities (Trade note receivables, promissory notes,
others) and must be already performed.
Characteristics:
The credits negotiated may be from commercial activity of
the company or operations described by their activity roll.
May be represented by credit securities (trade notes payable
or promissory notes) or via contract formalized and must
be already performed.
May have no legal impediment (allowing the assignment
to the bank).
Bank will check the availability of credit limit to each
Payer indicated by its Customer.
Benefts:
Possibility to concede better duration conditions, negotiated
with the bank.
The Credit risk is transferred to the bank.
Interest rate negotiated with the bank for the transaction
may be different than interest rate negotiated with the
Payers for the credit sale, keeping a different sales
strategy control.
Possibility to improve balance sheet ratios, depending
on the accountancy rules used by the companies: i)
this operation may be not accounted as a bank loan; ii)
accounts receivable may suffer reduction and increase
cash/bank deposits.
Regulation:
Credit Assignment Contract: The contract that formalizes
the cession and responsibility of the customer for the
credits existence.
Notifcation: The document is delivered to the Payers,
communicating the cession and supplying payment
roll instructions.
Negotiation Details:
Acquisition Value: Price paid for the credits acquisition,
considering the interest rate and the term negotiated for
the transaction.
Minimum and maximum value: There are no restrictions,
being the maximum value established by the credit limit
approved for the Payers.
Operations Terms: No minimum term. According to the
credit limit approval.
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4. Payment
3. a. Payment
3. c. Payment
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Disbursement: via TED (Electronic Transfer) or credit in
current account.
Repayment: Directly by the Payers to the bank, through
settlement of payment slip order, TED or debit in current
account, under the Payer authorization.
Notes:
Floating indexed credits must be approved by the Bank.
Taxes:
IOF: no incidence.
EXAMPLE
1) Customer/assignor practices credit sales with it clients
(sale strategy).
2) Customer/assignor assigns its receivables (credits
against its clients/Payers) to the bank by signing a Credit
Assignment Agreement with no recourse.
3) a) Customer/Assignor notifes clients/Payers regarding
the assignment transaction;
b) Customer/Assignors clients/Payers sign a notifcation letter
agreeing in paying the bank directly as their new creditor;
c) The bank makes the assignment payment to
customer/assignor.
4) Payers effect the payment (in the maturity date) directly
to the bank.
5) In case of indebtedness, the assignor effects the payment
to the bank as the payers guarantor.
CONFIRMING
Confrming is an administrative and fnancial service
through which the bank intermediates the payment process
to suppliers, without any modifcations of the terms agreed
between CLIENT and its suppliers. It is a type of credit
assignment with no recourse operation.
Target Customer:
Companies with an interest in fnancing their supply chain and
improve their balance sheet through the extension of payments
terms with suppliers benefting from Confrming advantages.
Product Description:
A Supply Chain Finance Service through which the
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bank intermediates in the payment process to suppliers,
without any modifcation of the terms agreed between
PURCHASER and its suppliers.
Benefts:
PURCHASER
Purchasers are better positioned to negotiate lower cost
of goods or extended payment terms, helping improve
companys working capital and cash fows.
Purchaser gets fewer supplier queries about invoice status,
while providing valuable information and support through
the banks platform and services.
Costs control and cost reduction.
Easier administration and reconciliation, as bank manages
payments to suppliers.
Easy implementation through fexible integration with
purchasers ERP.
SUPPLIER
Early payment of invoices at a competitive discount, with
no IOF, as the operation is priced at the buyers credit risk.
Easy access to fnance without presenting fnancial statements
to banks and a lower conventional bank borrowing.
Suppliers get access to invoice status through web
platform, confrming desk and contact center, improving
the visibility and control of their accounts receivables
and collection processes.
No need to be an account holder of bank doing the
confrming operation.
Improves companys working capital and cash fow.
Negociation Parameters:
Contract Volume: Established according to the buyers
credit line.
Transaction Deadline: 15 Day minimum & 360 Day Max.
Min volume/operation: R$ 1,000.00.
Interest rates: Pre-negotiated.
Payment Method: Electronic transfer to the suppliers
bank account.
Operational Method: File Exchange.
Sales channel (Supplier): Operation Desk, Call Center
e Internet.
Formalization:
BUYER
Confrming Contract: Formalization of the confrming
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contract. Credit line approval .
SUPPLIER
Account Holder: Signature card authenticated.
Non Account Holder: Companys Social Contract and
modifcations or Social Statute and Minutes of directors
election (original or authenticated copy), Attorney
empowered (original or authenticated copy), Application
Form Confrming, Signature Card (authenticated), CPF,
RG and company address confrmation document (original
or authenticated).
Interest Rates:
IOF: Not charged.
VENDOR
Target Customer:
Industrial and commercial companies interested in provide
fnancing to their clients, in order to improve sales.
Description:
Sales fnancing program for goods and services. The bank
pays the seller on a cash basis and the purchasers pay the
bank at the maturity date or in installments. The seller is the
purchasers guarantor under this program.
Benefts:
SELLER
Liquidity: The seller receives the sale amount on a cash basis.
Possibility to Raise Sales: The sellers products become
more attractive and more competitive in terms of price due
to the Purchaser, in terms of fnancing and interest rates.
Better Accounting Performance: The seller (according
to the internal accounting procedures) may record
the sales as Cash Basis, thereby reducing the item
Accounts Receivable.
Taxes Benefts: Reduced tax cost (IPI, ICMS, among
others), since the seller receives on a cash basis and the
sellers invoice does not incorporate the fnancial cost.
Reduced Cost of funding: The seller no longer provides
credit to customers using its own funds.
Interest Rate Adjustment: The seller can maintain different
price strategies for its customers (purchasers).
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Electronic Vendor: Reduced operational costs due to the
Electronic Data Interchange (EDI) of fnancing terms.
(Remittance/Reply).
PURCHASER
Better Financing Conditions, such as terms, interest rates
and payment plans, resulting from the credit extended by
the seller to its customers.
Credit Facility to the purchasers, since the Vendor Master
Agreement between the bank and the seller (in which the
seller undertakes the responsibility to analyze and guarantee
the credit risk of each purchaser) when signed, allows the
seller to contract, during the settled term, transactions (as
its Solicitor) for the Purchaser.
Flexibility on the payments fow.
Terms:
Minimum Transaction Amount: There is no minimum
amount, however there are processing, printing and postage
payment slip costs which shall be evaluated on a case-by-
case basis.
Transaction Term: Minimum seven days (to allow the
payment slip to be sent) and maximum term according to
the credit line.
Interest Rate Adjustment: It is the difference between the
interest rate charged by the seller from its customers and
the interest rate charged by the bank from the seller. It is
paid by the bank to the seller or by the seller to the bank
(according to the sellers sales strategy) at disbursement
or maturity date.
Rates/Indexes: fxed in BRL.
Guarantee: A guarantee, rendered by the seller to the
bank, which covers any default by the purchasers.
Term for Honoring the Guarantee: 30 days at most, to be
agreed by the seller and the bank.
Disbursement: Deposit in the sellers current account.
IOF (Financial Transaction Tax): Paid by the seller or by
the purchasers.
Payment Plans: Bullet payment or in installments.
Repayment Types: Payment slip or debit in the sellers
current account.
Deduction/Discount: Permitted when requested up
to seven days prior the mature date. The deduction/
discount amount shall be debited from the sellers
current account.
Subrogation Assignment: Issued when requested by
the seller.
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Performed by: Electronic transmission or manual sending
of the information on each fnancing.
Regulation:
Vendor programs are subject to the rules established by the
National Monetary Council (CMN) and the Central Bank,
covering loans and fnancing in general.
The fow is agreed with the bank and seller.
The contract is signed between the bank/seller and
the purchaser.
Documentation:
Master Agreement: signed by seller and the bank (in order
to indicate the purchasers to be fnanced and to settle all
guarantees conditions).
Financing Contract: signed by seller, the bank, and the
purchaser (in order to formalize the fnancing to be and
to nominate the seller as Purchasers Solicitor allowing
the seller to negotiate the fnancing conditions with the
bank directly).
Deal Slip: signed by seller (as Purchasers Solicitor) and
the bank to contract all deal conditions (Purchaser Data,
tax, term, IOF payment, etc.).
Taxes:
IOF (fnancial transaction tax): Over the principal amount.
Paid by seller at the disbursement date: 0.0041% per day
(consecutive days), limited to 1.5% and 365 days; 0.38%
over the principal amount, independently of contract
length and payments fow.
NOTE: The tax is owed by the purchaser, however, it can
be paid: (i) by the Purchaser (by increasing the fnancing
principal amount); (ii) by the seller (by deducting the
owned amount from the principal to be disbursed).
EXAMPLE
1) The SELLER and the BANK execute a Financing
Agreement and Promissory Note, establishing the general
terms and conditions, guarantees, term and fnancing limit.
2) The SELLER, the BANK and the PURCHASER execute
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a Financing agreement. The Agreement may be signed by
the SELLER by proxy. Both the Financing Agreement and
Financing Spreadsheets are deposited with the SELLER.
3) The SELLER issues Invoices on a cash basis to
its PURCHASERS.
4) The BANK pays the SELLER in cash according to the
Financing Spreadsheet and/or electronic fle.
5) The BANK issues a payment slip to the PURCHASERS
to settle the credit.
6) If the PURCHASER does not pay the fnancing on
the due date, the BANK debits the credit amount plus
the previously established charges from the SELLERs
current account.
IMPORT FINANCING
Target Market:
Companies in Brazil that are importing goods.
Description:
Financing to Brazilian importers of goods in foreign
currency whereby the international supplier receives the
payment on an agreed date. This allows the importer a
longer period to settle its obligations and increases cash
fow fexibility. The loan is granted by a foreign bank
directly to the Brazilian importer.
Benefts:
The supplier receives the payment on the due date and
the importer has a longer period to pay his debt.
More competitive interest rates versus the domestic market.
Parameters for Negotiation:
All operations will be subject to credit analysis by
the bank.
Amounts are limited to 100% of the price of the goods to
be imported.
Terms and conditions for operations will be freely
agreed between the parties, subject to offcial import
documentation and the foreign exchange regulations
in force.
Key indexers for the operations: Interest rates prevailing
in the international market (LIBOR, EURIBOR,
PRIME, etc.).
Regulation:
The operations are regulated by the International
Capital and Foreign Exchange Market Regulation and
other standards issued by the Brazilian Central Bank
and other agencies.
Operations are entered into by executing an agreement
setting out general conditions.
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FINIMP - Import Financing
(Direct Line - Firce 25)
Taxation:
Income tax: Levied on revenues wired to a foreign country.
Depending on the type of income it may be either exempt
from taxation or it may be taxable at the rates of 12.5%,
15%, and 25%, varying according to the nature of the
transfer, the relevant creditors country and any covenants
in place in order to avoid double taxation. IOF: 0%.
1) Trade Agreement;
2) Shipping and document remittance;
3) Securing of ROF;
4) Delivery of shipment documents (exchange
guarantee);
5) Import Financing Agreement;
6) Foreign Currency Funding;
7) Resource Disbursement;
8) Foreign Exchange Purchase (at maturity);
9) Payment Foreign Currency Debt Settlement;
10) Payment funding.
EXPORT FINANCING
ADVANCES ON EXCHANGE
CONTRACTS ACC
Target Market:
Brazilian companies that perform export operations.
Description:
This type of fnancing is given to Brazilian exporters in the
pre-shipping phase in connection with goods and services
to be exported. It may consist in a total or partial fnancing
(versus the export contract price) and will be the equivalent
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in local currency to the amount of the foreign currency
operation on the exchange contract date.
The goal is to help exporters obtain the funds they need
to purchase raw materials and to produce goods for
export purposes.
Benefts:
Financing to the production of goods at lower costs than
those prevailing in the domestic market.
Parameters for Negotiation:
Amounts are limited to 100% of the price of the goods/
services to be exported.
Operation term is limited to 360 days.
Terms and conditions for operations will be freely agreed
between the parties, subject to foreign exchange regulations
in force.
Key indexers for the operations: Interest rates prevailing in
the international market (LIBOR, EURIBOR, PRIME, etc.).
All operations will be subject to credit analysis.
EXPORT CREDIT NOTE NCE
Target Customer:
Companies exporting goods and services and its suppliers
which intend to obtain credit in local currency.
Description:
Local currency fnancing to supply short-term or medium-
term working capital needs or to acquire goods, services
and raw materials to be used in production. The funds
must be invested in export-related activities.
Benefts:
Export fnancing without exposure to exchange rate variation.
Exempt from the IOF tax (Financial Transaction Tax) in
accordance with Law 6313 of December 16, 1975.
Funds can be directly transferred to suppliers by the bank.
Repayment according to the plan chosen by the Company
in order to be the most suitable to its cash fow.
There is no legal obligation to link the export fnancing
funds to one or more shipping documents of goods and
services for export.
Documentation:
Export Credit Note: An instrument of credit which
formally establishes the amount, term and other
conditions of the transaction.
Budget: This is an integral part of the Export Credit Note
and provides a description of how the funds will be used.
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Bank

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It is a legal obligation for establishing a NCE.
Terms:
Currency: BRL (Brazilian Reais)
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Amount: To be established according to the credit limit
and budget.
Minimum term: 30 days.
Maximum term: negotiated by the exporter and the bank,
according to the credit limit available, budget and general
market conditions.
Rates: Fixed or foating (CDI).
Payment schedule: In installments or at the maturity date.
Taxes:
IOF (Financial Transaction Tax): Exempt in accordance
with Law 6313 of December 16, 1975.
1) The Customer submits the Exporter Classifcation form
to the BANK, detailing the use of the funds. Such document
shall be subject to analysis and approval by the BANK.
2) The BANK issues and forwards the Export Credit Note
and Budget to the CUSTOMER to be signed.
3) a) The BANK credits the CUSTOMERs current account,
or. b) The BANK pays the CUSTOMERs SUPPLIERS for
the acquisition of goods, services and materials intended
for export (Compror NCE).
4) The CUSTOMER settles the loan.
Other indexes may be submmited to the banks approval.
BNDES
The Brazilian Development Bank (BNDES) is the main
fnancing agent for development in Brazil and has played a
fundamental role in stimulating the expansion of industry
and infrastructure in the country. The Bank offers several
fnancial support mechanisms to Brazilian companies of
all sizes as well as public administration entities, enabling
investments in all economic sectors. BNDES emphasizes three
factors it considers strategic: innovation, local development
and socio-environmental development.
The BNDES has several tools to fnance the investment needs
of its clients on a long-term basis with very attractive rates.
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Under the banks formal approval.
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Requests are usually made through fnancial institutions
but, in some cases, can be made directly to BNDES. BNDES
does not have branches, so the majority of operations are
carried out indirectly through a partnership with a network
of accredited fnancial institutions located nationwide.
Financial resources are transferred to accredited agents,
which are responsible for credit analysis and approval.
Target Customer:
Companies in general, established under Brazilian laws, which
require long-term fnancing for the following objectives:
Development of investment projects;
Acquisition or commercialization of domestically
manufactured machinery and equipment accredited
with BNDES;
Production of goods to be exported, in a pre-
shipment phase.
Forms of Operating:
INDIRECT: Demands a bank to present the project
to BNDES. The bank absorbers the companys
credit risk.
DIRECTLY: The company presents the project directly
to BNDES. The BNDES absorbers the companys
credit risk or the company presents a bank guarantee
to BNDES.
Products & Financing Lines:
Products are the most basic lending instruments, available
for long tenor, offered by BNDES.
Each Product has its own fnancial conditions and
operational procedures.
Main products lines: BNDES FINEM; BNDES
Automatic; BNDES Finame; BNDES Exim.
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Overview of the Main Products:
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Financial costs that are used in the BNDES transactions:
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06.
BANK GUARANTEES
Brazilian Credit Market is relatively new compared to
other countries. The country does not have a positive credit
bureau, which shares credit history of all customers. So it
is common that, for most of commercial transactions, it is
required a bank guarantee. Examples:
Rental payments;
Performance;
Advance payments;
Participating in Public Tender Bids;
Collateral on Margin: Stock Exchanges, Commodity
Exchanges and Future Markets;
Collateral for legal proceedings: tax and labor law
liabilities, etc.
Target Customer:
Companies in general which require a bank guarantee to
cover obligations with third parties.
Description:
A commitment undertaken by the bank to pay a given
amount, in local currency (BRL) to the benefciary of
the Guarantee, in the event of non-performance, fully or
partially, of the obligations by the banks customer.
Benefts:
Companies can obtain a guarantee covering obligations
undertaken with third parties, without any immediate
impact on their cash fow.
Documentation:
Private Agreement of Guarantee: Agreement which
formally establishes the undertaking executed between the
bank and the Company to guarantee the obligations made.
Letter of Guarantee: A document delivered to the benefciary
of the Guarantee, which formally establishes the guarantee
rendered by the bank.
Agreement of Collateral: Instrument which formally
establishes the collateral rendered by the Company,
when applicable.
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Terms:
Amount/Maximum Term/Fees/Payment of Fees: These terms
are freely agreed by the company and the bank on a case-by-
case basis, based upon the credit limit awarded and the type of
obligation underwritten.
Specifc Terms And Conditions:
Letters of Guarantee other than the standard model used by
the bank shall be analyzed in advance.
Letters of Guarantee covering funds related to Federal
taxes and payroll taxes shall undergo prior analysis and
may be subject to the availability of the technical limit, in
due accordance with the regulations of the Central Bank
of Brazil.
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07.
INTERNATIONAL GUARANTEES
As for most of commercial transactions in Brazil it is
required a bank guarantee, banks also ask for guarantees for
mitigating credit risk. Additionally, fnancial institutions
have been focused on risk management improvement,
which includes a more careful process for credit analysis
and approval by the banks. For international companies
starting business in Brazil with no credit history, an
international guarantee may be a good solution for
obtaining credit lines.
COMMON TYPES
Standby Letter of Credit: Across the board guarantee;
may be used to cover a transaction (purchase & sale or
fnancial) with the purpose of preventing a potential default
or nonperformance as provided in the guarantee. Always
issued by a bank.
Advanced Payment Bond: This guarantee ensures
the reimbursement of prepayments made by the
importer and it is payable in case of nonperformance of
contractual clauses.
Corporate Guarantee: Issued by a parent company,
this guarantee has legal value and ensures payment of
a subsidiary credit operation in case of default by the
subsidiary on the respective contract.
Comfort Letter: Issued by a parent company, it shows
parent companys good will towards the subsidiary
business, intention to invest and support on credit lines.
Although stated in a letter (even in a strong one), it doesnt
have legal value in the majority of countries, except from
Austria and Germany. Therefore, it may be not accepted as
a guarantee for most of Brazilian banks.
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08.
INVESTMENTS
Due to the level of the interests rates in Brazil, fnancial
investments are a good option for any exceeding cash.
Banks have a whole set of investment options including
ones with immediate liquidity, very low risk and
interesting returns. Because of those factors investments
may be a good opportunity for surplus cash, even for
short periods of time. The Certifcate of Deposit (CDB),
detailed below, is commonly used by companies.
CDB CERTIFICATE OF DEPOSIT
Target Customer:
Clients with available cash looking for a conservative
investment with a bank credit risk.
Description:
Fixed income alternative of investment that pays fxed or
foating interests at the maturity/redemption.
Benefts:
Conservative alternative of investment with a bank credit
risk plus the additional guarantee of the FGC Credit
Guarantor Fund (Governed by The Brazilian Central Bank
it provides complementary guarantee for applications in
Certifcates of Deposit in case of a default of the issuer
until R$ 60,000.00 per investor).
Conditions:
Interests: Fixed/Floating Rates/Prices Indexes. Term:
negotiable for Fixed/Floating Rates. Minimum of one
year for prices indexes. Early redemptions will be
carried according to the market conditions.
Regulation/Taxation:
Governed by the Brazilian Central Bank. Registered at
the CETIP settlement agency. Federal Income Tax (IRF)
Regressive rate on earnings: 22.5% - transactions up to
180 days; 20% - transactions with term between 181 and
360 days; 17.5% - transactions with term between 361
and 720 days; 15% - transactions with term superior to
720 days; Financial Operations Tax (IOF) according to
a regressive fnancial application table, for settlements
in up to 29 days after investments.
EXAMPLE
On March 3rd, 2008, a company invested R$
1,000,000.00 for 360 consecutive days in a certifcate of
4
0
deposit with earns indexed to 100% of the Brazilian CDI.
Initial Amount: R$ 1,000,000.00
Investment Yield: 100% CDI
Issue date: 03-03-2008
Maturity Date: 02-26-2009
CDI for the period: 11.27%
Future value: 1,000,000 * [1,1127^ (250/252)] = R$
1,103,869.05
Gross income: R$ 103,869.05
Income Tax (20%): R$ 20,773.81
Net income: R$ 83,095.24
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09.
ABOUT OUR SPONSOR
Named Worlds Sustainable Bank 2013 by Financial
Times and IFC (International Finance Corporation), with a
strong global presence and a wide range of local products
and services, Santander is always on the lookout for new
business opportunities.

SANTANDER KEY FACTS
Has provided its customers with security and
service for more than 150 years;
Named the South Americas Strongest Bank in
2013 by Bloomberg;
Over 14,500 branches, more than any other
international bank in the world, and more than
40,000 ATMs;
3.3 million shareholders.
Branches Clients (MM) Mkt share
6,173 36,3
M
E
X
Mexico
P
R
Puerto R.
B
R
A
Brazil
C
H
I
Chile
U
R
U
Uruguay
A
R
G
Argentina
13%
3,872
1,125
499
480
119
78
20.4
9.3
3.4
2.5
0.4
0.3
11%
16%
21%
9%
10%
18%
Ranking
3
o
3
o
1
o
1
o
3
o
1
o
GEOGRAPHICAL DIVERSIFICATION
One of the Groups defning features is its international
scope, refected in the geographical diversifcation of
its businesses. The bank develops its business in three
core areas:
Latin America
Santander is the leading financial institution in
Latin America, with more than US$ 34 billion
of investments and a Market Share of 10% on
Assets and 10% on deposits.
Branches Clients (MM)
5,953 45.0
M
E
X
Mexico
P
R
Puerto Rico
B
R
A
Brazil
C
H
I
Chile
U
R
U
Uruguay
A
R
G
Argentina
10.4%
3,661
1,229
488
377
115
83
28.0
10.5
3.3
2.5
0.4
0.3
8.0%
13.8%
19.0%
8.8%
11.1%
18.0%
Ranking
3
o
3
o
1
o
1
o
3
o
1
o
4
2
Europe
No. 1 bank in the Euro zone by market capitalization
and proft, with more than 6,700 branches in the region:
Lead position in Spain;
Important presence in the United Kingdom;
Wholesale banking operations in Spain,
Portugal, UK, Italy, Germany and France;

Consumer finance operations in Norway,
Poland, Spain, Russia, Portugal, Italy
and Germany.
United States
Santander US focuses on serving the needs of its retail,
commercial & corporate clients by providing the highest level
of service and offering comprehensive fnancial solutions.
With strong retail presence in Connecticut, Delaware,
Massachusetts, Maryland, New Hampshire, New Jersey,
New York, Pennsylvania and Rhode Island; Santander
US is well capitalized with a 13.85% capital ratio and
operates as a fnancially independent domestic bank in
terms of capital and liquidity.
SANTANDER VALUE PROPOSITION
Santander has the largest retail banking infrastructure
in Latin America;
Strongest collection capabilities: electronic collections,
paper-based collections, cards, direct debit, pick up
services, etc.;
Complete payment solutions: all types of domestic
and international suppliers payments, but also the
widest range of tax payment and Payroll services;
Local services, regional delivery and global relationship;
Relationship Model allows for resource allocation
and mobilization at Global, Regional and Local levels;
A highly experienced team of implementation
and client service professionals for both local and
regional management;
Supply Chain Finance solutions: range of payables
and receivables fnancing options, like Factoring,
Confrming, etc.
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SANTANDER IN BRAZIL
Focus on Consumer & Commercial Clients, but it
is a universal bank and also operates in the wholesale,
third-party asset management and insurance sectors.
Santander in Brazil is the third largest private
bank in total assets in the country.
For further information, please contact:
Grupo Santander, Brasil
Av. Presidente Juscelino Kubitscheck, 2235
So Paulo/SP - Brazil - CEP 04543-011
Telephone: (55 11) 3553-1000 / (55 11) 3553-2000
Website: www.santander.com.br
Local Contacts:
Santander Brasil - International Desk
Helena Fulgencio Vieira
Tel: +55 (11) 3553-5390
helena.fulgencio@santander.com.br
Ricardo Santaella Gestal
Tel: +55 (11) 3553-2794
ricardogestal@santander.com.br
2,352
Branches

1,309
Mini Branches
17,518
ATMs
29 million Clients,

50 thousand Employees

... with a wide geographic diversification
and global scale to compete and grow.

Santander Brasil is the 3
rd
private bank in total assets...
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Prdio do CIEE
90550-142 Porto Alegre, RS
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51110-000 - Recife, PE
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RIBEIRO PRETO
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Ufcio Commerciale San Paolo, salas 1 e 2
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Edf. Salvador Trade Center
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