Bradesco Has 40 Employees in Luxembourg; Itaú-Unibanco Operates from Switzerland

11/05/2014 - 18h00

The Bradesco agency in Luxembourg operates from the fifth floor of a small commercial building in the city.

Outside, the name "Bando Bradesco Europa S.A" appears on a plaque, alongside other companies that have premises in the building, in the investment, technology and health sectors.

ICIJ
CONFIRA TODAS AS REPORTAGENS
1. Itaú e Bradesco economizam R$ 200 mi em impostos com operações em Luxemburgo
2. Bradesco tem 40 pessoas em paraíso fiscal; Itaú agora opera da Suíça
3. Bancos negam fazer acordos para pagar menos impostos
4. 4 grandes consultorias têm papel central nas operações em paraísos fiscais
5. Pepsi, Ikea e FedEx também usaram Luxemburgo para pagar menos impostos
6. Animação explica sistema tributário de Luxemburgo; veja
In English 1. Itaú and Bradesco Cut Secret Deal with Luxembourg to Save US$90.2 Million in Tax in Brazil
In English 2. Bradesco Has 40 Employees in Luxembourg; Itaú-Unibanco Operates from Switzerland
In English 3. Banks Deny Making Deals to Pay Less Tax in Brazil
In English 4. Big 4 Audit Firms Play Big Role in Offshore Murk
In English 5. Leaked Documents Expose Global Companies' Secret Tax Deals in Luxembourg
SAIBA MAIS Consórcio Internacional de Jornalistas Investigativos/International Consortium of Investigative Journalists

Folha entered the premises, which occupy the entire fifth floor of the building. They consist of at least five rooms, including a meeting room. There are a handful of employees.

Upon being received by the agency's "Number 2", Jefferson Avelino, the team stated the reason for its visit and asked for more details regarding the operation.

Avelino requested that we arrange a meeting with his secretary for another day. However, he mobilized the bank's press department and would not respond further to Folha's requests.

In a recent interview with a business magazine in Luxembourg, Avelino said that the agency was opened in 2002, being today "focused on business opportunities between Brazil and Europe." Bradesco has been present in the fiscal paradise since 1981.

In 2010, the name changed from "Bradesco Luxembourg" to "Bradesco Europa". The agency report from 2013 tells of net revenue of US$24.9 million. The document also said that the bank has 40 employees working in Luxembourg.

Itaú controls its activities in Europe from an agency located in a commercial building in Zurich, in Switzerland.

Since 2010, when the merger between Itaú and Unibanco was approved, the bank has been winding up its operations in Luxembourg, where it was based in the same building as Bradesco.

Translated by TOM GATEHOUSE

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	Leandro Colon/Folhapress
	The Bradesco agency in Luxembourg operates from the fifth floor of a small commercial building in the city