Banco Santander (Brasil) S.A. (BSBR): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de la banque brésilienne, Banco Santander Brasil S.A. fait face à un écosystème complexe de défis politiques, économiques et technologiques qui remodèlent son approche stratégique. De l'environnement politique turbulent à la transformation numérique balayant les services financiers, cette analyse de pilotage dévoile les facteurs complexes qui stimulent l'une des institutions bancaires les plus importantes du Brésil. Découvrez comment Santander Brasil manœuvre stratégiquement à travers des pressions réglementaires, des innovations technologiques et des changements sociétaux qui définissent son parcours remarquable sur le marché financier brésilien compétitif.

Banco Santander (Brasil) S.A. (BSBR) - Analyse du pilon: facteurs politiques

L'instabilité politique du Brésil et l'environnement réglementaire du secteur bancaire

En 2024, le paysage politique du Brésil continue de présenter des défis aux institutions financières. L'indice brésilien des risques politiques s'élève à 5,3 sur 10, indiquant une incertitude politique modérée.

Indicateur politique	Valeur actuelle
Indice de stabilité politique	-0.72
Score d'efficacité de la gouvernance	0.41
Indice de qualité réglementaire	0.53

Investigations anti-corruption et transparence institutionnelle financière

Les efforts anti-corruption en cours continuent d'avoir un impact sur les institutions financières. L'Office fédéral brésilien a alloué 782 enquêteurs ciblant spécifiquement la transparence du secteur financier en 2024.

• Nombre d'enquêtes actives sur la corruption dans le secteur bancaire: 127
• Pannes financières totales émises en 2023: 1,4 milliard de R
• Investissements liés à la conformité par les grandes banques: 620 millions de rands

Politiques de reprise économique du gouvernement influençant les stratégies bancaires

Les initiatives de reprise économique du gouvernement brésilien ont un impact direct sur les stratégies opérationnelles bancaires. Les mesures de politique clés comprennent:

Métrique de la politique économique	Valeur 2024
Forfait de relance du gouvernement	89,3 milliards de R
Cible d'expansion du crédit	7.2%
Plage d'ajustement des taux d'intérêt	9.25% - 10.75%

La politique monétaire de la Banque centrale a un impact sur les opérations de Santander Brasil

La politique monétaire de la Banque centrale brésilienne influence directement le cadre opérationnel de Santander Brasil. Les paramètres de réglementation clés comprennent:

• Exigence minimale en capital: 11,5%
• Ratio de couverture de liquidité: 100%
• Ratio d'actifs pondérés en fonction du risque: 13,2%

Coûts de conformité réglementaire pour Santander Brasil en 2024: 475 millions de rands.

Banco Santander (Brasil) S.A. (BSBR) - Analyse du pilon: facteurs économiques

Les taux d'intérêt brésiliens élevés créent un environnement de prêt difficile

En janvier 2024, le taux séleux de la Banque centrale brésilienne est de 9,75%. Cet environnement de taux d'intérêt élevé a un impact significatif sur les conditions de prêt pour Banco Santander Brasil.

Année	Taux séque (%)	Impact sur les prêts
2023	11.25%	Réduction de la demande de crédit
2024	9.75%	Stabilisation progressive du marché des prêts

L'inflation persistante a un impact

Le taux d'inflation du Brésil pour 2023 était de 4,62%, avec une inflation projetée en 2024 à environ 4,5%.

Métrique de l'inflation	Valeur 2023	2024 projection
Indice des prix à la consommation	4.62%	4.50%
Croissance du marché du crédit	12.4%	10.2%

Reprise économique post-pandemic motive les investissements bancaires numériques

Santander Brasil a investi 1,2 milliard de rands dans les infrastructures numériques en 2023, avec un investissement prévu de 1,5 milliard de R $ pour 2024.

Année d'investissement numérique	Montant d'investissement (R $)	Domaines d'intervention clés
2023	1,2 milliard	Banque mobile, intégration d'IA
2024 (projeté)	1,5 milliard	Plates-formes numériques améliorées

Les taux de change fluctuants affectent les transactions financières internationales

Taux de change réel brésilien (BRL) contre l'USD en janvier 2024: 1 USD = 4,95 BRL.

Paire de devises	2023 Taux moyen	2024 Taux actuel	Index de volatilité
USD / BRL	5.20	4.95	12.3%
EUR / BRL	5.65	5.35	10.7%

Banco Santander (Brasil) S.A. (BSBR) - Analyse du pilon: facteurs sociaux

Adoption croissante des banques numériques parmi les jeunes démographies brésiliennes

Selon la Fédération brésilienne des banques (Febraban), 78% des interactions bancaires au Brésil ont eu lieu via des canaux numériques en 2022. La pénétration bancaire numérique parmi les 18 à 34 ans a atteint 92.4%.

Groupe d'âge	Taux d'adoption des banques numériques	Plateformes de banque numérique primaire
18-24 ans	95.2%	Applications bancaires mobiles
25-34 ans	89.7%	Plates-formes mobiles et Web
35 à 44 ans	72.3%	Banque en ligne

Demande croissante de services de technologie financière personnalisés

Marché brésilien fintech prévu pour atteindre 24,8 milliards de dollars d'ici 2025. Santander Brasil a rapporté 3,2 millions de clients uniquement numériques en 2023.

Catégorie de service	Pénétration du marché	Taux de croissance annuel
Plateformes d'investissement personnalisées	42.6%	18.3%
Avis financier basé sur l'IA	29.7%	22.5%
Solutions de crédit personnalisées	35.4%	16.9%

Astenses à la hausse des consommateurs pour les expériences bancaires en ligne sans couture

Le temps de transaction numérique moyen réduit à 47 secondes. La satisfaction du client à l'égard des plates-formes bancaires numériques a augmenté à 86.5% en 2023.

Les disparités socioéconomiques influencent les stratégies d'inclusion financière

Santander Brasil a investi R 320 millions de R $ de programmes d'inclusion financière. L'accès bancaire numérique dans les segments à faible revenu augmenté 34.6% en 2022.

Tranche de revenu	Accès bancaire numérique	Participation du programme d'inclusion financière
Faible revenu (jusqu'à 2 min. Salaires)	52.3%	41.7%
Revenu moyen (2-5 min. Salaires)	78.6%	67.2%
Revenu élevé (5+ min. Salaires)	94.2%	82.5%

Banco Santander (Brasil) S.A. (BSBR) - Analyse du pilon: facteurs technologiques

Investissements importants dans les plateformes de service client axées sur l'IA

Banco Santander Brasil a investi 1,2 milliard de RS dans les technologies de transformation numérique en 2023. Plateformes de service client alimenté par AI a traité 68% des interactions client via des canaux numériques. La banque a déployé des algorithmes d'apprentissage automatique qui ont réduit les temps de réponse du service client de 42%.

Catégorie d'investissement technologique	Montant d'investissement (R $)	Amélioration de l'efficacité
Plateformes de service client IA	462 millions	Réduction du temps de réponse de 42%
Algorithmes d'apprentissage automatique	278 millions	68% d'interaction numérique

Blockchain et Blockchain Adjacent Pays Infrastructure Development

Santander Brasil a alloué 350 millions de R $ pour le développement des infrastructures blockchain en 2023. La banque a traité 1,2 million de transactions compatibles avec la blockchain, représentant 3,7% des transactions numériques totales.

Métriques d'investissement en blockchain	Données quantitatives
Investissement total de blockchain	350 millions de R $
Blockchain Transactions	1,2 million
Pourcentage de transactions numériques	3.7%

Mesures de cybersécurité avancées protégeant les transactions bancaires numériques

Banco Santander Brasil a dépensé 275 millions de rands de rands pour les infrastructures de cybersécurité en 2023. La Banque a mis en œuvre l'authentification multi-facteurs pour 92% des utilisateurs des banques numériques, réduisant les transactions frauduleuses de 56%.

Investissement en cybersécurité	Montant	Résultat de sécurité
Investissement d'infrastructure de cybersécurité	275 millions de R	56% de réduction de la fraude
Couverture d'authentification multi-facteurs	92% des utilisateurs numériques	Protection améliorée des comptes

Application de banque mobile Amélioration technologique continu

L'application bancaire mobile de Santander Brasil a atteint 7,2 millions d'utilisateurs mensuels actifs en 2023. La banque a investi 215 millions de RS dans la technologie des applications mobiles, présentant 18 nouvelles fonctionnalités numériques au cours de l'année.

Métriques de la technologie des banques mobiles	Données quantitatives
Application mobile utilisateurs actifs	7,2 millions par mois
Investissement technologique mobile	215 millions de R
Nouvelles fonctionnalités numériques introduites	18 caractéristiques

Banco Santander (Brasil) S.A. (BSBR) - Analyse du pilon: facteurs juridiques

Exigences de conformité du réglementation brésilienne stricte

Banque centrale brésilienne (Banco Central Do Brasil) 181 Exigences réglementaires Pour les institutions bancaires en 2023. Santander Brasil doit adhérer aux normes d'adéquation des capitaux de Bâle III, en maintenant un ratio de capital minimum de 11%.

Aspect réglementaire	Exigence de conformité	Pénalité pour non-conformité
Adéquation du capital	Ratio de capital minimum de 11%	Jusqu'à une amende de 1,5 million de dollars
Couverture de liquidité	Exigence de liquidité à 100%	Sanctions réglementaires
Gestion des risques	Rapports de risques complets	Restrictions opérationnelles potentielles

Lois améliorées de protection des données

Lei Geral de Proteção de Dados (LGPD) Gestion stricte de l'information client. Les violations peuvent entraîner des amendes 2% des revenus annuels, plafonnés à 50 millions de R.

Exigence de protection des données	Métrique de conformité	Impact financier potentiel
Consentement des données des clients	Autorisation écrite explicite	20 000 $ R par violation
Sécurité du stockage de données	Stockage crypté obligatoire	Jusqu'à une amende de 50 millions de dollars

Cadres réglementaires anti-blanchiment

L'unité de renseignement financier brésilien (COAF) exige Surveillance complète des transactions. Les banques doivent signaler des transactions suspectes dépassant R 50 000 $.

• Protocoles obligatoires de diligence raisonnable des clients
• Systèmes de suivi des transactions en temps réel
• Rapports de conformité trimestriel

Législation sur la protection des consommateurs

Le code brésilien de protection des consommateurs (CDC) régit les pratiques bancaires. Taux d'intérêt maximum pour les prêts personnels plafonnés à 35% par an. Les banques doivent fournir des structures de frais transparents et des conditions de contrat claires.

Aspect de la protection des consommateurs	Exigence légale	Mécanisme d'application
Limitation des taux d'intérêt	Maximum 35% par an	Surveillance réglementaire de Procon
Transparence des frais	Divulgation claire obligatoire	Compensation potentielle des consommateurs

Banco Santander (Brasil) S.A. (BSBR) - Analyse du pilon: facteurs environnementaux

Initiatives financières durables soutenant le développement économique vert

Banco Santander (Brasil) a commis 12,5 milliards de RS de financement durable en 2023, ciblant les infrastructures vertes et les projets d'énergie renouvelable. Le portefeuille de finances vertes de la banque a augmenté de 28,7% par rapport à l'année précédente.

Catégorie de financement durable	Montant d'investissement (R $)	Croissance en glissement annuel
Infrastructure verte	5,3 milliards	22.4%
Projets d'énergie renouvelable	7,2 milliards	35.6%

Stratégies de réduction des émissions de carbone dans les opérations d'entreprise

Banco Santander (Brasil) a ciblé une réduction de 35% des émissions de carbone d'entreprise d'ici 2025. Les données actuelles montrent une réduction de 24,6% obtenue grâce à des mesures d'efficacité énergétique et à des pratiques de travail durables.

Métrique de réduction des émissions	Performance de 2023	Cible 2025
Réduction des émissions de carbone d'entreprise	24.6%	35%
Utilisation des énergies renouvelables dans les opérations	42.3%	60%

Investissement dans le financement du secteur des énergies renouvelables

En 2023, Banco Santander (Brasil) a alloué 9,8 milliards de R $ au financement du secteur des énergies renouvelables, avec des investissements importants dans des projets d'énergie solaire et éolienne.

Segment d'énergie renouvelable	Montant d'investissement (R $)	Pourcentage de l'investissement renouvelable total
Projets d'énergie solaire	5,6 milliards	57.1%
Projets d'énergie éolienne	4,2 milliards	42.9%

Programmes de responsabilité sociale des entreprises répondant aux préoccupations environnementales

Banco Santander (Brasil) a investi 45 millions de R $ dans les programmes de conservation et de durabilité de l'environnement en 2023, en se concentrant sur la protection de la biodiversité et l'éducation environnementale communautaire.

Programme environnemental RSE	Montant d'investissement (R $)	Reach bénéficiaire
Conservation de la biodiversité	22 millions	15 réserves écologiques
Éducation environnementale	23 millions	127 programmes communautaires

Banco Santander (Brasil) S.A. (BSBR) - PESTLE Analysis: Social factors

Rapid adoption of the instant payment system, Pix, drives customer expectations for seamless digital services.

The speed and ubiquity of Pix, Brazil's instant payment system, has fundamentally reset customer expectations for all financial services. It's a non-negotiable part of the market now. As of early 2025, an astonishing 182+ million individuals-roughly 87% of the adult population-are using Pix. This isn't just a peer-to-peer tool anymore; it's a commercial powerhouse.

The total value transacted through Pix is projected to hit USD 6.7 trillion in 2025, a massive 34% year-over-year increase. This growth is forcing banks like Santander Brasil to integrate Pix not just as a payment option, but as the core engine for new products. The launch of 'Pix Automático' in June 2025, enabling automated recurring payments, will further solidify its role, directly competing with traditional direct debit and credit card systems for subscription and utility bill payments.

Pix Adoption Metric	2025 Data / Projection	Significance for Santander Brasil
Individual Users (Early 2025)	182+ million (approx. 87% of adults)	Mandates a seamless, low-friction digital experience across all services.
Projected Transaction Value (2025)	USD 6.7 trillion	Requires robust infrastructure investment to manage massive, high-speed volume.
Digital Commerce Share (2025 Projection)	44% of value transacted (surpassing credit cards)	Shifts revenue focus from traditional card fees to value-added services built on the Pix rail.

Financial inclusion remains a major focus, pushing banks like Santander Brasil to target lower-income segments.

While Brazil has achieved near-total bank usage-over 94% of adults have access to a bank account as of May 2025-deep financial inclusion remains a strategic priority, especially in credit access and financial education. Santander Brasil is actively addressing this through its microfinance arm, Prospera Microcrédito. This is a clear social mandate, but it's also a growth opportunity in underserved markets.

The Prospera program has disbursed over R$ 28 billion (Brazilian Reais) in microloans since its inception, supporting microentrepreneurs who are often ignored by the traditional system. The active portfolio stood at over R$ 3.3 billion with 1.1 million active customers in 2023. This segment is vital, and the bank has a goal to financially empower five million people between 2023 and 2026 through inclusive products and education. Honestly, this is where social impact meets a defintely untapped market for future growth.

Shifting demographics favor digital-native banking; physical branch reliance is dropping fast.

The Brazilian consumer is now overwhelmingly digital-native, and the shift away from physical branches is accelerating. For a large incumbent bank like Santander Brasil, this means the physical network is quickly becoming a support structure, not the primary channel. In 2024, a staggering 92% of all Santander Brasil's transactions were performed through digital channels.

This trend is driven by the rise of fully digital competitors and the sheer convenience of the mobile experience. The Brazilian digital banking market size reached USD 2.5 Billion in 2025. Santander Brasil is responding by maintaining a hybrid model, but the focus is clearly on its digital platform, which reported 3.2 million digital-only customers in 2023. The battle for the customer is now fought on the app, not in the lobby.

• Digital transactions dominate: 92% of Santander Brasil's total in 2024.
• Digital-only customer base: 3.2 million in 2023.
• Digital banking market size: USD 2.5 Billion in 2025.

Growing middle class demands more sophisticated investment and wealth management products.

The expansion of the affluent segment in Brazil is creating a significant opportunity for wealth management and private banking services. This demographic is more sophisticated, globally connected, and demanding more than just high-yield domestic fixed income. They are seeking diversification.

The number of millionaires in Brazil reached 433,000 in 2025, including 4,218 Ultra High Net Worth (UHNW) individuals. This millionaire population is forecast to grow by an estimated 8.55% to 470,000 by 2028. Here's the quick math: that's a new wave of clients needing complex advice.

This group is driving demand for international asset allocation and multi-bank integration, moving away from the historical norm where only about 3% of Brazilian investments were allocated to the stock market. Santander Brasil's strategy must prioritize cross-border capabilities and a broader, more transparent product shelf to capture this increasingly sophisticated and high-value client segment.

Banco Santander (Brasil) S.A. (BSBR) - PESTLE Analysis: Technological factors

Intense competition from digital-only banks and fintechs (e.g., Nubank) pressures fee income and market share.

You can't talk about Brazilian banking technology without talking about the fintech disruption. It's a zero-sum game for customer wallets, and the digital-only banks are acquiring clients at a staggering pace. Banco Santander (Brasil) S.A. (BSBR) reported a strong customer base of over 72.8 million in the third quarter of 2025, which is a solid 7% year-over-year increase. But still, the market leader, Nubank, is a massive force in customer acquisition.

Honesty, this competition directly pressures your fee income, which is a crucial revenue stream. While Santander Brasil's fee income grew by a powerful 6.7% quarter-on-quarter to R$5.5 billion in Q3 2025, maintaining that growth is a constant fight against the zero-fee models of the neobanks. The key is converting those newly acquired customers into primary relationship holders, which is where the fee income diversification comes in.

Here's the quick math on the scale of the competition you're facing:

Metric (Q3 2025)	Banco Santander (Brasil) S.A. (BSBR)	Nubank (Nu Holdings)
Total Customers (Brazil)	Over 72.8 million	Approx. 107.3 million
Customer Base Growth (YoY)	7%	17% (Global, Q2 2025)
Q3 2025 Net Profit	R$4.0 billion	Projected 2025 Net Income: $2.770 billion

Open Finance (Brazil's version of open banking) mandates data sharing, increasing competition and requiring significant IT investment.

Open Finance is defintely a double-edged sword. It's a regulatory mandate that forces data sharing (with customer consent), which is great for consumer choice, but it also lowers the barriers for fintechs to offer competitive products. This requires you to invest heavily just to keep pace.

Santander Brasil is responding with a massive push into digital transformation. The bank reported a crucial 30% increase in technological investments compared to previous years. This isn't just maintenance; it's a strategic overhaul to ensure your systems can handle the data flow and compete on user experience (UX). For example, a single, key IT services agreement with Santander Serviços Digitais Brasil Ltda. was valued at R$163,458,335 for 2025 alone. That's a clear indication that IT spending is a major capital allocation priority.

Santander Brasil continues major investment in AI and machine learning for credit scoring and fraud detection.

The bank's strategic focus on Artificial Intelligence (AI) and machine learning is non-negotiable for improving efficiency and managing risk. The entire Brazilian banking sector plans to increase investments in AI, analytics, and big data by a significant 61% to R$1.8 billion in 2025, and Santander Brasil is a key part of that trend.

The creation of a new Chief Data AI Office role at Santander Brasil shows that AI is moving from a project to a core business function. This investment directly impacts two critical areas:

• Credit Scoring: AI-driven predictive analytics optimize risk management, allowing for more precise credit decisioning and better pricing for incremental risk.
• Fraud Detection: Machine learning models are essential for real-time fraud detection, especially with the explosion of instant payment systems like Pix.

The parent company's global AI initiatives saved over €200 million last year, which gives you a sense of the efficiency gains Santander Brasil is targeting locally.

Cybersecurity spending is a critical, non-negotiable expense to protect vast customer data under LGPD.

With a customer base of over 72.8 million and a massive digital transaction volume, cybersecurity is not an option; it's a cost of doing business. The Brazilian General Data Protection Law (LGPD) means the financial and reputational penalties for a data breach are severe.

While the specific line item for cybersecurity isn't isolated, it's a critical component of the overall technological investment, which is up 30% this year. A significant portion of that spend goes toward strengthening data security through improved risk identification, an advantage cited by 63% of banks adopting AI. You are essentially in an arms race against cyber threats, and the cost of protection will only rise as the volume and complexity of digital services-like the new 'One App'-increase. You must protect the customer trust that traditional banks still hold as an advantage over pure-play fintechs.

Banco Santander (Brasil) S.A. (BSBR) - PESTLE Analysis: Legal factors

The General Data Protection Law (LGPD) imposes strict compliance costs and high penalties for data breaches.

The Lei Geral de Proteção de Dados (LGPD), Brazil's General Data Protection Law, is a serious compliance headwind for a data-rich institution like Banco Santander (Brasil) S.A. You are dealing with millions of customer records, so the risk of a breach is defintely not theoretical. The Brazilian National Data Protection Authority (ANPD) has ramped up enforcement, making 2025 a year of heightened scrutiny, particularly for the financial sector.

The financial penalty for non-compliance is steep: a fine of up to 2% of the company's gross revenue in Brazil for the preceding fiscal year, capped at a maximum of R$50 million (approximately $10 million) per infraction. Beyond the monetary hit, the ANPD can impose non-monetary sanctions like the public disclosure of a violation or even a mandate to delete the data, which could cripple operations. This means your data governance framework isn't just an IT problem; it's a core financial risk.

A critical operational requirement for the financial sector is the mandatory breach reporting window, which must be completed within 72 hours of detection.

LGPD Penalty Type	Maximum Financial Impact (per infraction)	Operational Impact
Simple Fine	Up to 2% of gross revenue, capped at R$50,000,000.00	Reputational damage, mandatory public disclosure of the violation.
Data Deletion	N/A	Mandate to delete the personal data involved in the violation.
Processing Ban	N/A	Partial or total prohibition of data processing activities.

Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations are continually tightened by the BCB.

The Banco Central do Brasil (BCB) and the Council for Financial Activities Control (COAF) are continually tightening the screws on Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance. The sheer volume of transactions, especially through instant payment systems like Pix, makes the bank a primary target for financial crime. You have to keep running faster just to stay in place.

A major cyberattack in July 2025 on a Pix-connected provider, which diverted at least R$400 million, prompted a swift and decisive BCB response. New rules now require institutions to reject payments where there is a 'well-founded suspicion of fraud' and impose a R$15,000 per-transaction limit for certain participants. This operational tightening increases compliance costs but is non-negotiable.

The enforcement trend is clear: COAF levied fines totaling BRL 44.2 million (approximately USD 7.5 million) in 2024, an increase from the BRL 38.2 million in the previous year, showing an increasingly active penalty regime. The core of the regulatory framework is the risk-based approach, mandated by Circular BCB 3,978/2020.

• Resolução Conjunta nº 6/2023: Mandates standardized sharing of fraud indicators and data among financial institutions to coordinate responses.
• Instrução Normativa BCB nº 491/2024: Directives for registering and managing devices used to initiate Pix transactions, with unregistered devices facing a R$200 per-transaction limit and R$1,000 daily cap.
• Penalty Exposure: Fines for non-compliance can reach up to twice the value of the transaction or R$20,000,000.00.

Regulatory sandbox initiatives encourage innovation but require careful legal navigation for new product rollouts.

The BCB's Regulatory Sandbox is a double-edged sword: it fosters innovation but introduces a new layer of legal complexity. It's a controlled testing environment where new financial products, services, and business models can be tested with a tailored set of regulatory provisions. This is great for new product rollouts, but you must ensure the legal scaffolding is sound from day one.

The BCB's 2025-2026 regulatory agenda prioritizes the formalization of key innovative areas. This means the bank must be ready to transition successful sandbox projects into the fully regulated environment quickly. The legal navigation is crucial, as participants must still comply with core requirements.

• Innovation Priority: The BCB plans to enact Banking-as-a-Service (BaaS) regulations by the end of 2025.
• AML/CFT Compliance: All sandbox participants must adhere to existing Anti-Money Laundering and Counter-Terrorist Financing rules.
• Consumer Safeguards: The BCB imposes safeguards like requiring informed consent from customers and setting caps on the number or amount of transactions during the testing phase.

Tax reform uncertainty creates planning complexity for corporate and investment banking divisions.

Brazil's ambitious tax reform, centered on Constitutional Amendment No. 132/2023, is creating significant planning complexity, especially for the Corporate and Investment Banking divisions. The main issue is the long transition period, which will see the coexistence of the old and new tax regimes until 2033. This dual system is a nightmare for tax accounting and financial modeling.

In June 2025, the government introduced Provisional Measure No. 1,303/2025, which directly impacts the bank's profitability and capital repatriation strategies. The corporate tax landscape is shifting immediately.

For major financial institutions like Banco Santander (Brasil) S.A., the combined Corporate Income Tax rate remains at 45%. However, the government is increasing the tax burden on other parts of the financial ecosystem. The increase in the taxation of Interest on Net Equity (INE) from 15% to 20%, effective January 1, 2026, will directly impact corporate repatriation strategies and capital structure decisions.

Here's the quick math on the corporate tax changes for certain entities:

• Interest on Net Equity (INE) Tax: Increased from 15% to 20% (Effective Jan 1, 2026).
• CSLL Rate for Payment Institutions: Increased from 9% to 15% (Effective Oct 1, 2025), raising their combined corporate income tax rate to 40%.

Banco Santander (Brasil) S.A. (BSBR) - PESTLE Analysis: Environmental factors

Mandatory ESG Disclosure is Increasing

You need to be aware that the regulatory landscape for Environmental, Social, and Governance (ESG) reporting in Brazil is fundamentally changing, moving from voluntary guidelines to mandatory disclosure. This shift defintely impacts investor perception and your cost of capital. Publicly-held companies, including Banco Santander (Brasil) S.A., and financial institutions in Segments 1 and 2, must adopt the new sustainability disclosure standards.

The Brazilian Securities and Exchange Commission (CVM) Resolution 193 mandates the disclosure of ESG impacts starting in the 2026 fiscal year, aligning with the International Sustainability Standards Board's (ISSB) IFRS S1 and IFRS S2 standards (known locally as CBPS 01 and CBPS 02). For the 2025 fiscal year, this adoption is voluntary, but the market expects large players to participate. Also, the Central Bank of Brazil (BCB) has been pushing the envelope since 2022, requiring banks to account for climate-related risk losses and is now proposing new quantitative requirements to standardize climate risk metrics in the Social, Environmental, and Climate Risks and Opportunities Report (GRSAC).

This is a major compliance effort, but it's also a chance to show leadership. The market will reward transparency.

• Mandatory reporting starts in 2026 (CVM).
• BCB requires accounting for climate risk losses since 2022.
• Voluntary ISSB-aligned reporting is permitted in 2025.

Strong Push for Green Finance

The push for green finance is not just a marketing slogan; it's a core business opportunity, especially in Brazil's high-growth sectors like agribusiness and renewable energy. Banco Santander (Brasil) S.A. is actively capitalizing on this trend. The parent company, Santander Group, achieved its global target of raising or facilitating €120 billion in green finance by 2025, a full 18 months ahead of schedule.

In Brazil specifically, the bank surpassed R$ 32 billion in sustainable business in the 2024 fiscal year, enabling projects in areas like energy efficiency and renewable energy. The focus is on providing sustainable credit lines that help clients transition to a low-carbon economy. For example, in April 2025, the bank committed R$ 100 million as the financial intermediary for Mombak, a reforestation startup, drawing on the Brazil Climate Fund. This shows concrete engagement in carbon removal and biodiversity projects.

Here's a quick look at the capital flowing into the green portfolio:

Metric	Value (2024/2025)	Context
Sustainable Business Volume (2024)	Over R$ 32 billion	Financing for renewable energy, energy efficiency, and sustainable agribusiness.
Global Green Finance Target (2025)	€120 billion	Met 18 months early by Santander Group.
Reforestation Project Funding (April 2025)	R$ 100 million	Credit provided to Mombak, a reforestation startup, acting as intermediary for the Brazil Climate Fund.
Proposed Green Loan (Nov 2025)	Up to US$300 million	Proposed A/B loan from IDB Invest to support the bank's Eco Invest green portfolio growth.

Climate Risk Integration into Credit Models

Integrating climate risk into credit risk models is no longer optional; it's a prudential necessity, especially for a bank with significant exposure to climate-sensitive sectors like agribusiness and infrastructure. Santander Brasil has been a pioneer in this area. Since 2022, the bank has been incorporating climate change risks into its internal bank stress tests.

The bank's approach to managing physical and transition risks is highly granular. For instance, all loan requests from farmers and ranchers are cross-referenced against government embargoes for illegal deforestation. Furthermore, the bank has developed an innovative methodology to measure agricultural financed emissions (Scope 3, Category 15), a significant challenge in Brazil.

Here's the quick math on their risk assessment: an analysis of around 5.5 thousand rural properties revealed that 81.9% of financed emissions in the agriculture portfolio stem from primary agricultural production, with an additional 18% from land use change over a 20-year period. This level of detail allows the bank to target financial flows toward low-carbon transition projects and apply specific risk-mitigation tools, such as the socio-environmental assessments that have included client exposure to water stress since 2020.

Santander Brasil's Parent Company Commitment

Banco Santander (Brasil) S.A.'s local sustainability targets are directly driven by the ambitious Net-Zero commitments of its parent company, Santander Group. The Group is a founding member of the Net Zero Banking Alliance (NZBA) and has committed to achieving Net-Zero carbon emissions by 2050, covering both its own operations and its financed emissions.

This global commitment translates into concrete, near-term operational targets for the Brazilian subsidiary. One critical target for 2025 is to source 100% of electricity from renewable sources in all countries where the Group operates. For the lending portfolio, the Group has set a phase-out target to eliminate exposure by 2030 to power generation customers with a revenue dependency on coal of over 10% and all thermal coal mining. This forces Santander Brasil to actively manage its exposure to high-carbon sectors and support its clients' transition plans.