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

11/05/2014 - 18h00

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LEANDRO COLON
SPECIAL ENVOY TO LUXEMBOURG

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.

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CONFIRA TODAS AS REPORTAGENS

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

Read the article in the original language

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

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