Latin America Financials: Citi‘s Daily Statement – 2026.07.30 – Bradesco‘s capital raise; BR Banks June data; Bajio guidance; SANB‘s new TP; Pix

Research evidence excerpt

Latin America Financials: Citi‘s Daily Statement – 2026.07.30 – Bradesco‘s capital raise; BR Banks June data; Bajio guidance; SANB‘s new TP; Pix

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30 Jul 2026 09:06:01 ET │ 14 pages

Latin America Financials

Citi’s Daily Statement – 2026.07.30 – Bradesco's capital raise; BR Banks

June data; Bajio guidance; SANB's new TP; Pix

CITI'S TAKE

Daily report over key topics of LatAm financial companies under Citi’s

coverage.

Gustavo SchrodenAC

Bradesco (BBDC4.SA) - Capital Raise: Opportunity or Necessity? +55-11-4009-5858

gustavo.schroden@citi.com

Cit's Take: Bradesco announced via a communiqué a R$10bn rights offering to Arnon Shirazi, CFA

existing shareholders, with controlling shareholders committing to subscribe up to +55-11-4009-7906

R$8bn. Management mentioned that the capital raise is intended to support its arnon.shirazi@citi.com

transformation plan, including investments in technology, commercial efficiency

Brian Flores, CFA

and business expansion, while also strengthening its regulatory capital. The bank

+55-11-4009-2842

estimates the transaction would add ~90bp to its CET1 pro-forma ratio from ~12.7% luis.brian.flores@citi.com

to 13.6%, if fully subscribed. In our view, there could be three main interpretations

behind this step: i) Bradesco could be acting opportunistically from a position of

strength, taking advantage of a receptive market to enhance capital flexibility and

accelerate investments, ii) management may be seeking to raise capital as the credit

cycle continues to deteriorate and provisions remain elevated, or iii) the potential

capital increase could accelerate DTA utilization driven by the capacity to accelerate

RWA growth and generate taxable income.

Brazil Diversified Banks - June Credit Data: Pressures in retail lending emerge