Caixa Econômica Federal (Portuguese pronunciation: [ˈkajʃɐ ekoˈnõmikɐ fedeˈɾaw], Federal Savings Bank), also referred to as Caixa or CEF, is a Brazilian bank. It is the largest government-owned financial institution in Latin America. It is one of the largest banks in Brazil and in Latin America by assets.
The bank was founded by Emperor D. Pedro II on January 12, 1861 as Caixa Econômica e Monte de Socorro in Rio de Janeiro as a financial institut...
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Caixa Econômica Federal (Portuguese pronunciation: [ˈkajʃɐ ekoˈnõmikɐ fedeˈɾaw], Federal Savings Bank), also referred to as Caixa or CEF, is a Brazilian bank. It is the largest government-owned financial institution in Latin America. It is one of the largest banks in Brazil and in Latin America by assets.
The bank was founded by Emperor D. Pedro II on January 12, 1861 as Caixa Econômica e Monte de Socorro in Rio de Janeiro as a financial institution destined to collect national savings, mostly from the poor. Over the years, several similar institutions were created until most of them were merged into present-day "" in 1967.
The 1970s were particularly lucrative for the bank, mostly due to its near-monopoly on savings for the poor and lower-middle classes, the management of Brazilian state (federal) lotteries and being the only lawful pawn broker in Brazil. In the 1990s, however, the scenario changed and the bank underwent a serious downsizing, when thousands of employees lost their...
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