Banco Real

CONTENTS
INTRODUCTION ........................................................................................................................................ 1
BANCO REAL ......................................................................................................................................... 1
OBJECTIVE OF THE CHANGE PROCESS .............................................................................................. 2
Corporate Social Responsibility as a Vehicle for Achieving Goal ........................................................... 2
KEY ELEMENTS OF THE CHANGE PROCESS ...................................................................................... 3
Overall Structure to Shape the Culture ..................................................................................................... 4
New Products and Initiatives of BANCO REAL ...................................................................................... 5
RESULTS OF THE CHANGE PROCESS .................................................................................................. 8
BARRIERS TO CHANGE ........................................................................................................................... 9
Loss of clients in pursuit of Social Responsibility ............................................................................ 9
Flaws in the credit-risk analysis ...................................................................................................... 10
Resistance from Audit by Large Corporations ................................................................................ 10
Ethical Funds, the only product being Ethical ............................................................................. 10
Weakness in Banks Relationship with Suppliers ........................................................................... 10
The Bond after Death Incident ........................................................................................................ 10
Seven Skills of Change Leaders.............................................................................................................. 11
1. Turning in to the Environment .................................................................................................... 11
2. Kaleidoscope Thinking: Stimulating Breakthrough Ideas .......................................................... 11
3. Setting the theme: Communicating Inspiring Visions ................................................................ 11
4. Enlisting Backers and Supporters: Getting Buy-in, Building Coalition ..................................... 11
5. Developing the Dream: Nurturing the Working Team ............................................................... 11
6. Mastering the Difficult Middles: Persisting and Preserving ....................................................... 11
7. Celebrating Accomplishments: Making Everyone a Hero .......................................................... 12
CORE DECISION ...................................................................................................................................... 12
LONG TERM STRATEGY AND RELATED DECISIONS ..................................................................... 12
WHAT IS BANCO REAL NOW? ............................................................................................................. 15

BANCO REAL: Banking on Sustainability

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The Business of business is sustainable business
-Ervin Laszlo
INTRODUCTION
Brazil is an economic power and regional leader in the South America. The Brazilian economy
faces a number of challenges such as declining growth rate (-0.22% growth in GDP in 2004),
increasing inflation rates, etc.
Brazilian banking Sector was divided into the following groups:
o Federally-owned
BANCO do Brasil
Caixa Economica Federal
o State-owned
o Private Brazilian Controlled
o Foreign-Controlled Banks
During the 1980s inflation in Brazil soared to about 200% annually, due to which the banks
become highly dependent on float revenue. Due to inflation, the banking sector went through two
phases of consolidation between 1994 and 2004. In the first consolidation phase, the inflation
was controlled using exchange rates. The local currency was appreciated, which consequently
made imports cheaper and exports expensive. As a result of this, ten state owned banks were
closed and twelve were privatized. The program was introduced to create stability in the
economy, but it created difficulties in the administrative structures because of the dependency of
the banking sector on float revenues. In the second phase of consolidation, the local interest rates
increased manifolds, because of the financial crisis in Asia, Mexico and Russia. Many
international banks entered into the Brazilian market for the first time, acquiring several
medium-sized private sector banks caught up in the after-effects of the situation.
BANCO REAL
BANCO REAL was a Federally-owned Bank. In 1998, BANCO REAL was acquired by ABN
AMRO S.A due to consolidation in the Brazilian financial sector. BANCO REAL Group was
founded in 1925, with the aim to provide finances to the farmers. By 2005, BANCO REAL had

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1890 branches, 28,571 employees and 9.2 million customers. After the incorporation of Banco
Real by Santander, Santander became Brazils third largest private sector bank
OBJECTIVE OF THE CHANGE PROCESS
Like any merger, BANCO REAL also faced the challenge of building a new culture in the
organization. The top executives in the organization decided to bring change in the culture of the
organization by introducing the distinctive theme of Value Creation in the company. This
theme of value creation was also evident from the mission statement of BANCO REAL which is
as follows:
Satisfying clients, generating value for stockholders, employees,
and the communities in which we operate by having an ethical
posture in business, differentiating ourselves by the quality of our
products, services, and especially our customer service.
BANCO REALs model was based on satisfying the client through focusing on clients,
committed and qualified staff, competitive tolls and corporate values. The result would be
satisfying shareholders, employees and the community as a whole.
Corporate Social Responsibility as a Vehicle for Achieving Goal
The inception of BANCO de Valor (Bank of Value) concept was brought about through a series
of meetings and brainstorming amongst the leadership group. The organization started to address
the social and ecological challenges faced by the country based on the social responsibility
parameters developed by the Ethos Institute. They wanted to overcome the problems faced by
the people by these social responsibility measures. Their focus was strategic, and wanted to do
the right thing in the right way.
Corporate Social Responsibility broadly defines Economic, Social and Environmental
contributions of the organizations. It includes a number of initiatives such as employee relations,
corporate ethics, human rights, community relations, etc. Those companies are considered to be
socially responsible that consider the impact on the environment in the process of making profit-
making decisions. Companies that are engaged in corporate social responsibility manage their
reputation by creating a good image in the minds of the stakeholders of the company. CSR

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increases the trust of stakeholders in the organization, by giving them a feeling that the company
cant do anything that is not in their interest since the company is fulfilling its social
responsibility.
Only by effectively managing social and environmental opportunities alongside risks, can banks
create long term value for their businesses. Considering risk alone will not be enough to generate
new markets and profits in the long run. To manage both risk and opportunities strategically and
comprehensively, banks need to integrate a systematic approach- a social and environmental
management system (SEMS) into their processes and operations. Building and operating an
SEMS entails several processes that must occur in parallel which BANCO REAL
Therefore, considering BANCO REALs goal of ingraining value-creation in the culture and the
economic and social conditions of Brazil, CSR was an appropriate way to achieve the goal.
KEY ELEMENTS OF THE CHANGE PROCESS
The bank took responsibility of transforming an abandoned alley beside the bank and constructed
new pavement and a garden. The basic idea behind this initiative was that the whole world could
be changed, if every person takes the responsibility of transforming the alley next door.
An important incident that made the organization feel the importance of changing the culture was
when an employee of the bank sold a long term bond to a 70 year old person. The family of that
person took the issue to the internet and criticized this as the banks lack of ethical
professionalism. From that point onwards, the organization decided that it was better to lose a
deal than losing a relationship. The president quoted:
We couldnt possibly build a brand focused on customer satisfaction, social
responsibility, and environmental sustainability, if we didnt experience the
culture. From this point on, we knew actions should be implemented from the
inside.
In order to accomplish its goals, it had to start from the inside that is from the base. The bank had
to transform its own culture in order to bring about a change.

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Further in order to change the culture, the organization developed a formal department Social
Responsibility Directorate, which was later changed to Directorate of Education and
Sustainable Development in 2004. It was a temporary department developed with the aim of
ingraining social responsibility in the culture of the organization. Three committees of executive
directors and managers were developed; market, management and social action. The purpose was
to oversee the projects with the executive directors being the sponsors of the projects. Some of
the main projects and institutions subsidized by BANCO REAL are Escote Brasil Institute,
Bandepe Cultural Institute,Care Brasil, Instituto Brasil Voluntario etc.
In order to pursue the goal of the bank of being customer-focused, the bank took several actions
at the core of the business such as increasing the autonomy of branches, reviewing the
communication of the bank with the customers etc. However, the social responsibility goal was
complex, as being socially responsible meant losing customers who posed serious socio-
environmental threats to the society. The customers were also able to gain benefits through this,
as they were able to propose changes that made the projects more feasible and helped the
organizations in achieving their goals.
In 2004, a training program in partnership with IFC was launched to educate managers,
executives and credit analysts about the socio-environmental risks. Moreover, character was
considered an important determinant in the credit evaluation.
Overall Structure to Shape the Culture
Fabio C. Barbosa, the president of FEBRABAN, the Brazilian banking association and newly
appointed head of BANCO REAL, faced the challenge of integrating the merger after the
acquisition. At a time when several other acquisitions were taking place in the banking sector,
competition was strong. Given the competitive landscape in the industry and the huge societal
problems, he knew it was possible to establish a new bank; a bank that would not only be
distinguished from its competitors, but, most importantly, one that would have a new identity
that could transform the society. Inspired by the vision of creating a new bank for a new
society, Mr. Barbosa and other senior executives of the bank believed they could succeed by
doing the right things, the right way. The right way meant placing corporate social
responsibility at the center of their business activities to make an impact. They believed that this
new approach could be beneficial not only in terms of profit but also in terms of creating value

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for their customers and society. Although this concept was applauded by many of the employees
but still there were some executives who opposed this idea because they did not consider the idea
of giving everything to everyone.
BANCO REAL was focusing on the relationship side of the business through implementing a
strategy that could be a growth factor in the long run of the business. The new adopted strategy
acted as a payoff for the success in the future meeting the goals of the banking industry as
sustainability, a centre of their business activities, that improved their clients ratio and the
advantage of first movers in the industry led to a success factor. Fulfilling the social
responsibility goal may result in some pay-offs such as the bank can lose a big client or the bank
can refuse to a big client to work with who are indulged in some negative tasks. To further
succeed in its mission, management conceived the initial structure to ensure that corporate social
responsibility was incorporated at all levels of the organization. The staff was most important for
the continued implementation of the vision. Senior executives of the bank believed that a more
engaged and motivated workforce, proud to work for the bank, would independently enact
responsible business decisions. The staff would then provide their customers with a better
service, who would in return be more satisfied. In order to develop a culture that reflected the
values and principles of the bank, its staffs level of socio-environmental awareness had to be
raised. Education was considered the best method to achieve this. Consequently, the senior
management decided to form a directorate of education and sustainable development by
temporarily unifying the sustainability and education departments in 2003. The main goal of this
unified department was to train the staff on the topic of sustainability and to ensure that it was
also incorporated in all the training programs at BANCO REAL. Moreover, BANCO REAL was
among the ten initial banks in 2003 to have voluntarily adopted the Equator Principles, which are
a set of guidelines established by a group of financial institutions to ensure that the projects they
finance are structured in socially responsible way and reflect sound socio-environmental
management practices.

New Products and Initiatives of BANCO REAL
In November 2001, Ethical Mutual Funds, a new product was introduced for socio-
environmental investor. After only three years, Ethical Mutual Funds was composed of R$75

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million and had a return of 159.5%. Although it was proportion of the R$29.4 billion managed
by the companies but it was an important initiative that showed that investment in socio-
environmentally responsible companies can pay off in the long run.
Another major product was Socio-environmental Financial Products. Moreover, the bank also
introduced Micro-financing, by developing a micro-credit development group in association
with an NGO. For this, they reached out to the low income communities and provided credit to
them.
A major achievement for BANCO REAL was the grant of US$ 51 million to the bank by World
Bank for the improvement in society and corporate governance practices.
The bank also wanted to involve its suppliers in its social responsibility program, by convincing
them to adopt the principles of corporate social responsibility. Moreover, formal guidelines for
relationship with suppliers were developed.
Within the bank, it introduced two campaigns: 3Rs and Diversity Campaign to be a role model
of social responsibility for customers and suppliers. Activities such as Environmental Week and
Diversity Day were launched to stress the importance of these campaigns. Overall, a bank culture
was formed that was based on employee participation, creativity, employee development, and
focus on abundant communication.
In order to support the value creation theme, the bank adopted corporate social responsibility
initiatives. In order to succeed, its clients, suppliers and employees in the process to achieve its
goal of creating value for the society.

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Figure 1: Change Wheel

"Value-creation"
Theme
CSR Initiatives by
Banco
Involving Clients
in the process
Involving
Suppliers in the
process
Involving
Employees in the
process

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RESULTS OF THE CHANGE PROCESS
The goal of the organization behind all these initiatives was not to seen as a green bank, but
profit maximization as they believed that the only way an organization can sustain in the long
run is if such conditions are created in the short and the medium term that provides
sustainability. Moving away from defensive banking, where management of social and
environmental impacts is seen as an additional cost towards sustainable banking is considered as
an advantage and an opportunity for growth. Social and environmental considerations are
important in ensuring competitiveness and differentiation in competitive markets.
Introduction to various innovative approaches to sustainability can bring substantial benefits to
the bank such as:
o Greater and higher long term returns by financing more sustainable projects and
bu sinesses.
o Reduced risk
o New business development through new products and services
o Increased market share in sustainability driven sectors
o Enhanced reputation and better brand value
o Better access to capital from international financial organizations
o Increased value to shareholders.
The net profit of the company increased over the years. The net profit of the company increased
from the period 2000 to 2004, by almost 91%. However, the ROE and ROA have decreased over
the years, which show the inability of the company to efficiently utilize its assets and equity.
Table 1: Net Profits of BANCO REAL
Year 2000 2001 2002 2003 2004
Net Profit (R$ Millions) 649 784 1208 1137 1237

Moreover, in terms of achieving the goal of value creation, the company was also successful,
although it faced some challenges along the way. The bank was successful in building the image
of always bringing in new products. The competitors were also following the strategies being

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followed by BANCO REAL, but BANCO retained the first mover advantage. Also the suppliers
of BANCO were willing to adopt the principles of CSR and reaped benefits. For example, a
supplier of BANCO REAL, Help Express wrote a code of ethics, which reduced the accidents
and the customer complaints.
Alleviating poverty and protecting human rights remain the top priorities in emerging markets.
These CSR initiatives will also help the business in alleviating poverty to some extent in the
country, where 20% of the population accounted for only 2.2% of the total national income.
They represent a vast market for banks to provide housing and renovation services. Through
BANCO REALs micro-financing initiative, the bank was able to reach out to the low income
community and provided them opportunity to sustain their businesses by extending them credits.
Targeting the low income groups can help a financial institution boost its reputation through
winning community support. This may also result in greater government support and financing
from international development banks and aid agencies, as their main goals are poverty
alleviation and providing access to credit to underserved populations.
BARRIERS TO CHANGE
How well a bank handles social and environmental risk is very important because with
unrestricted information flows, such risks can affect a banks reputation and long term business.
The bank may face social and environmental risks in its lending operations. The direct risks
include lender liability for social or environmental damage caused by client. Indirect risks are
risks associated with weakened financial and operational conditions of clients. Such problems
can affect the clients ability to repay the loan or can result in reduced market value of the
collateral. Failure on part of the client in handling social and environmental considerations and
risks can hurt the business which in turn can hurt the bank that has supported it. Further it can
also result in reputational risk, the potential for negative publicity and thus damage to brand
value arising from institutions poor social and environmental practices.
Loss of clients in pursuit of Social Responsibility
The bank decided not to keep relationship with the organizations that were posing socio-
environmental risks. This resulted in a small number of organizations being removed from the

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client list. Although, this posed as a threat, but the organization was able to reinforce the element
of Value Creation through this initiative.
Flaws in the credit-risk analysis
The company decided to make character an important determinant of the credit evaluation.
However, this evaluation process could not be certain about some issues like the trustworthiness
of the financial statements, as small corporations were not always audited. Moreover, issues like
child labor and compliance with the socio-environmental matters could not be proved. This could
pose a problem for the organization and earn a bad reputation, if the bank conducted business
with some company, which later proved to be posing socio-environmental risks.
Resistance from Audit by Large Corporations
The bank decided to conduct business with socially responsible companies, and imposed many
requirements on them. Large corporations were resisting the idea of being subjected to audits
which could create serious problems for the bank. The leaders recognized this problem, but did
not take any steps to solve this problem.
Ethical Funds, the only product being Ethical
The name Ethical Mutual Fund was giving people the wrong idea that it was the only product
offered by the company that was ethical. It gave the idea that the other products offered by the
bank did not meet the ethical standard. The leaders at BANCO REAL did not solve this problem
as well.
Weakness in Banks Relationship with Suppliers
The bank extensively advocated the idea of being socially responsible to its suppliers as well.
However, 30% of the banks payments to its suppliers were not made in a timely fashion, with
no particular reason. Since, corporate social responsibility promotes fairness in all the
relationships with the stakeholders; therefore it was important that the suppliers were paid on
time.
The Bond after Death Incident
An employee of the BANCO REAL sold a long term bond to a 70 year old person. The family of
that person took the issue to the internet and criticized this as the banks lack of ethical
professionalism. The leaders immediately took notice of the incident and quickly cancelled this

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transaction to overcome the bad publicity and decided that it was better to lose a deal than losing
a relationship.
Seven Skills of Change Leaders
The evaluation of the leaders in bringing in change in the organization, based on the seven skills
of the change leaders is as follows:
1. Turning in to the Environment
The leadership group at BANCO REAL possessed this skill. They not only looked for
opportunities in their organization but also helped suppliers and clients in bringing in changes in
their organizations.
2. Kaleidoscope Thinking: Stimulating Breakthrough Ideas
The leaders at BANCO REAL possessed this skill. They were able to bring in the BANCO da
Valor concept through informal brainstorming. A group of 8 bank executives and external
consultants carried out brainstorming meeting every week on Wednesday.
3. Setting the theme: Communicating Inspiring Visions
This skill was also present in the leaders at BANCO REAL. They were not only able to bring in
CSR in their own organizations, but also encouraged other stakeholders to engage in CSR
initiatives. The suppliers and the customers also adopted CSR practices.
4. Enlisting Backers and Supporters: Getting Buy-in, Building Coalition
The leaders also possessed this skill. After a lot of brainstorming, the change was brought in the
organization. They also gathered the data and assessed it. Potential risks were also assessed
based on the social responsibility parameters developed by the Ethos Institute. Therefore, it was
made sure that everything was in place before the change announcement.
5. Developing the Dream: Nurturing the Working Team
The employees were also involved in the change process so the organization didnt face any
problems from their side, therefore, it can be said that the leaders possessed these skills as well.
6. Mastering the Difficult Middles: Persisting and Preserving
This skill was also present in the leaders at BANCO REAL to some extent. They were able to
handle some of problems but left others completely. The leaders were very quick in handling the

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incident where a long term bond was sold to a 70 year old person, but did not solve the problems
faced by the middle aged, middle management group in catering the commercial clients.
7. Celebrating Accomplishments: Making Everyone a Hero
Since the change was still in place, therefore this skill does not apply to the leaders at BANCO
REAL.
CORE DECISION
The core decision to be made now is to decide whether the initiatives done by the organization
were focused and successful in achieving the profit maximization and socio-environmental goals
of the organization. It also had to see if it had been overly focused on these initiatives that
communication clarity has been compromised. A major decision was to see whether the
organization should continue its current efforts or should it cut back on it efforts or focus more
on them.
LONG TERM STRATEGY AND RELATED DECISIONS
The company should continue its efforts to improve the socio-environmental conditions. The
company would be at loss if it altogether leaves the initiatives, as it has included it in its mission
statement. The company has also included its customers, suppliers and employees in this
program, so cutting back on these initiatives will earn a bad reputation for the company.
Moreover, the company is under deep scrutiny of public evaluation and NGOs. The openness
and transparency standards that come with socially responsible subjects the leaders to public
evaluations and NGOs test, and failures to meet their requirements can have drastic effects on the
bank.
Apart from that, the company has developed an image of developing new products. The
competitors of BANCO REAL are also introducing the corporate social responsibility theme in
its business, seeing the potential of CSR. Therefore, it was also important to continue these
initiatives to remain competitive.


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Also the company should not add to these initiatives as the ROE and ROA have decreased over
the years, despite the fact that its net profits have increased. ROE has a negative growth rate of
6.3%, whereas ROA has a negative growth rate of 3.6%.
Table 2: Net Profit, ROE & ROA of BANCO REAL
Year 2000 2001 2002 2003 2004
Net Profit (R$ Millions) 649 784 1208 1137 1237
Return on Equity (ROE) 22.1% 20.8% 25.5% 17.1% 15.9%
Return on Assets (ROA) 2.4% 2.5% 3.3% 2.1% 2.0%

This shows that the company is not very efficient in the utilization of its assets and equity.
Therefore, the company needs to make efforts to increase the utilization of its assets and equity.
Therefore, it is not advisable for the company to increase the socio-environmental initiatives.
Although it should be noted that Banco Real acquired 2 banks, Banco do Estado do Paraiba in
2001, and Banco Sudameris in 2003, which could have led to the low ROE for those years.
Another important aspect to consider for the low ROE figures may be due to the Presidential
Elections of 2002 and the election of Luiz Incio Lula da Silva as President. The impact of his
coming into power can be seen upsetting in the beginning, as in the 2002 campaign, Lula
foreswore his platform plank of linking the payment of Brazil's foreign debt to a prior thorough
audit. This last point had worried economists, businessmen and banks, who feared that even a
partial Brazilian default along with the existing Argentine default would have a massive ripple
effect through the world economy. Also the fear of drastic measures increased internal market
speculation and this led to some market hysteria, contributing to a drop in the value of the real,
and a downgrade of Brazil's credit rating.
The new culture was not fully acceptable by the middle age, middle management group, which
was mainly dealing with the commercial clients. The commercial clients, not accustomed to
being audited as by BANCO REAL, could pose some serious problems. In order for this group to
fully accept the culture, there was a need to communicate to the employees the benefits CSR has
brought to the companies. Moreover, the commercial companies being handled by these

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employees should also be convinced that being socially responsible with help them earn a good
reputation in the market and they might be able to bring in more efficient solutions to their
problems and lower their costs.
But the road ahead was a long journey. The bank executives knew that strong leadership from
the top was not enough. For the initiatives to endure and the bank to uphold its long journey, it
was crucial to build and train effective leaders across all departments; leaders who could drive
sustainability in the future, not only within the company itself but also beyond the frontiers of the
bank. Also effective leadership meant forecasting future trends and making them a present need.
The bank was aware that the likelihood that the demand for sustainable products would increase
over the next years.
Several factors contributed to the banks success. Behind the integration of the new business
model was a strong leadership that mostly originated from the senior bank executives. Among
those leaders were Mr. Barbosa and Ms. Pinto, who had had the vision and power to ingrain
corporate social responsibility and place it at the center of all their business activities. Mr.
Barbosa was admired by the public and regarded as a role model for his social commitment. In
addition, by sharing best practices that allowed others to benefit from its learning journey, the
bank could accelerate the adoption of more sustainable practices by others a catalyzing effect
that facilitated the banks greater impact. The banks ability to engage others in its road to
sustainability, focus on innovation to increase its socio environmental performance and
educating on sustainability to ensure that the banks vision was carried out throughout likewise
contributed to its success.
At the same time, the bank faced several challenges. In sharing its best externally and
considering that many of its competitors had adopted more sustainable practices over time, many
feared the bank would lose its dominant position as a sustainability market leader. In addition, by
launching so many different initiatives, the problem was to how to keep track of their progress
and measure their impact over time.
Whether sustainability will remain at the center of all the banks business activities still remains a
question. As Mr. Barbosa looks ahead, there are many roads, which all lead in different
directions, but fundamentally the right one is clear. This road could imply choosing a distinct

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direction away from the others. Nevertheless, this road could again be the one that could make
all the difference in future. Mr. Barbosa is highly committed in pursuing his strategy because it is
important to the bank as a central part of its culture and brand.
WHAT IS BANCO REAL NOW?
Following the Value Proposition statement of BANCO Real; Succeed by doing the right
things, the right way. BANCO Real had made significant steps towards enhancing its socio-
environmental performance. At the same time, the number of employees engaged either fully or
partially in sustainability increased over the years. Since its financial products for sustainability
increased from 217 million to 825 million in 2007; reflecting a total growth increase of about
280 per cent. ABN AMRO REAL saw this as an opportunity to tap a new market and create a
new sustainable product solution. Together with the IFC, the bank set up a student lending
facility for 50 million, from which students can lend money for a participating university and
repay the loan after their graduation. In 2007, the banks surveys revealed that 74 per cent of its
clients were satisfied, which included 36 per cent who were totally satisfied.
The number of employees grew to approximately 27,000 and their satisfaction level was
estimated to be well over 90 per cent between 2005 and 2007. In 2006 alone, the bank won a
total of 49 awards, including the Eco 2006 Award from the American Chamber of Commerce.
The bank went from #11 as the greatest place to work for in Brazil in 2006, to #6 in 2008..
In 2007, BANCO Santander participated along with Royal Bank of Scotland and Fortis in the
acquisition of the Dutch financial conglomerate ABN AMRO. Santander took over ABN
AMRO's Brazilian assets, mainly formed by the latter's acquisition of BANCO Real, and
developed a truly national platform, dropping the Banespa name and adopting the Santander
Brazil franchise BANCO Santander Brazil is a subsidiary of BANCO Santander in Brazil, its
largest division in Latin America and one of the world's most important, accounting for 50% of
the total profit of the group. Currently, it has more than 9 million customers, it operates in all
segments of financial markets, with a network of 3696 branches and service centers and 18,312
ATMs and is ranked #2 in The World's Top 20 Green Banks in 2012, down from the #1 spot
in 2011

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Today, Grupo Santander Brazil is involved in everything from renewable energy financing and
carbon credit trading to tailored banking for disabled customers and microcredit services.
Santander is the fifth largest commercial bank in Brazil by assets, after Ita UniBANCO,
BANCO do Brazil, Bradesco and Caixa Econmica Federal.
Mr. Fabio Barbosa retained the position when BANCO Real merged with Spains Grupo
Santander in 2007 to form the Brazilian bank Grupo Santander Brazil. He served as Chairman of
BANCO Santander (Brazil) S.A until September 22, 2011, Chief Executive Officer until
February 2011 and also served as its President until February 4, 2011. He was responsible for its
strategy in Brazil.
Even after the acquisition of BANCO Real in October 2007, his goal was to see the resulting
alliance become the best bank in Brazil, but although he was a banker through and through,
that is his aim to generate maximum profits for the shareholders, but sustainability has always
been his guiding light, which means to also become a reference for society. He took the idea of
taking profitability and sustainability side by side with him to Santander Brazil. As he looked
ahead, there were many roads, which all lead in different directions, but fundamentally the right
one will be clear. This road could imply choosing a distinct direction away from the others.
Nevertheless, this road could again be the one that could make all the difference in future.
Mr. Barbosa continues to be recognized for his efforts to integrate philanthropic and sustainable
practices into business models. In 2010 he was named Leader of Social Change by the
Foundation for Social Change in partnership with the UN, and in July 2011, the UN Foundation
announced he had joined its Board of Directors.
In 2013, he stepped down as CFO of BG Group (a British multinational oil and gas company)
due to health concerns.

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