Caixa Econômica Federal
| Caixa Econômica Federal
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|---|---|
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| legal form | State company |
| Seat | Brasília |
| Branch | Financial services |
Caixa Econômica Federal , in Brazil also CAIXA for short (pronunciation: [ˈkajʃɐ ekoˈnõmikɐ fedeˈɾaw], German: Bundes Sparkasse ), is a bank in Brazil and a state-owned financial service provider in South America.
CAIXA manages more than 32 million customer accounts in which more than 148 billion Brazilian reals are held. It has several thousand offices across the country.
In addition, Caixa is responsible for paying out social assistance programs such as the Bolsa Família and is the administrator of most of the Brazilian lotteries , such as B. Mega-Sena . The bank is active as a sponsor in football, so the lettering adorns the jerseys of many Brazilian clubs, such as B. Corinthians São Paulo , Flamengo Rio de Janeiro and Chapecoense .
history
The bank was founded on January 12, 1861 in the Brazilian Empire as Caixa Econômica e Monte de Socorro in Rio de Janeiro to offer banking services to poorer people. In the following years, further savings banks were founded in other Brazilian cities, but they were all merged with Caixa by 1967.
Caixa saw a very positive development in the 1970s due to the monopoly-like position in savings for poor people and the fact that it had one of the few licenses as a pawnbroker . As part of the modernization of the Brazilian banking system in the 1980s, many competitors entered the market and put the Caixa under significant competitive pressure. This subsequently led to a streamlining of the bank in the 1990s.
