The end of the Brazilian bank acquired by Santander

A well-known Brazilian bank has come to an end, and as a result, it was bought by Banco Santander for a huge fortune

Famous bank He was one of the main people who worked in the public areas of Brazil and played a big role in the country’s economy. Officially opened in 1909 bank was purchased Santander and was privatized, thereby ceasing to exist.

State Bank of Sao Paulo (Banespa) became the largest state bank and the third largest commercial institution in the country. He was responsible for the expansion of São Paulo’s industrial park and large social and industrial investments inside and outside the country during the 1970s and 1980s, but in 1990 he began to face financial problems.

O Santander bought Banespa for R$7.05 billion in November 2000 at an auction held at the Rio de Janeiro Stock Exchange. The privatization process began in 1994, at a time when the institution had problems closing its daily cash flow.

O Banespa is responsible for the construction of one of the most iconic and famous buildings in the city of São Paulo. The Altino Arantes building, today known as Farol Santander, is one of the buildings that for many years was considered the largest reinforced concrete structure in the world.

Opened in 1947, it closely resembles the Empire State Building in New York, USA. The building currently hosts a series of exhibitions sponsored by Santander. You can also visit the conference rooms and other facilities from the time when the building was the headquarters of Banespa.