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Master's Dissertation
DOI
https://doi.org/10.11606/D.101.2020.tde-09012020-103234
Document
Author
Full name
Gabriel Chagas Brasil
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2019
Supervisor
Committee
Lins, Maria Antonieta Del Tedesco (President)
Prates, Daniela Magalhães
Terra, Fábio Henrique Bittes
Title in English
Competitive aspects of the Brazilian banking sector: Has it repealed foreign competition?
Keywords in English
Banking internationalization
Emerging markets
Endogenous protection
Foreign banks
International financial integration
Abstract in English
This paper discusses the low participation of foreign banks in the Brazilian market over the last two decades. Although the country went through an explicit and, to some extent, accelerated process of opening up of this sector in the 1990s, foreign banks have presented market shares that have never been historically expressive in relative terms - compared to those of their local competitors and to those presented by foreign banks in other emerging countries in the same period. Moreover, since 2001 their market shares have fallen significantly. This research analyzes this phenomenon from the evaluation of structural elements of the Brazilian market, the influence exerted by the particular presence of large state-owned banks in the country and, finally, from the behavior of local private banks in relation to their endogenous protection strategies towards foreign competitors. Additionally, a brief case study based on the comparison between two foreign banks with opposite trajectories in Brazil, HSBC Brasil and Santander Brasil, is presented illustratively, in order to complement the proposed discussion. The conclusions of the paper indicate that the competitive environment of the Brazilian banking market has not been favorable, nor even neutral, for foreign players, and therefore their low participation levels are not essentially due to external phenomena (which could be associated, for example, with scenarios of deglobalization or scale-downs). Evidence suggest that foreign banks in Brazil have suffered to a significant extent from the country's structural and institutional particularities, and have been directly targeted, in competitive terms, by their local competitors.
Title in Portuguese
Aspectos competitivos do setor bancário brasileiro: A competição estrangeira tem sido repelida?
Keywords in Portuguese
Bancos estrangeiros
Integração financeira internacional
Internacionalização bancária
Mercados emergentes
Proteção endógena
Abstract in Portuguese
Este trabalho discute a baixa participação de bancos estrangeiros no mercado brasileiro nas últimas duas décadas. Embora o país tenha passado por um processo explícito e, até certo ponto, acelerado de abertura desse setor na década de 1990, bancos estrangeiros apresentaram participações de mercado que nunca chegaram a ser expressivas em termos relativos historicamente - em comparação àquelas dos seus competidores locais (privados e estatais) e àquelas apresentadas por bancos estrangeiros em outros países emergentes. Além disso, desde 2001 elas têm caído consideravelmente. A presente pesquisa então analisa tal fenômeno a partir da avaliação de elementos estruturais do mercado brasileiro, da influência exercida pela presença particular de grandes bancos públicos no país e, finalmente, do comportamento dos bancos privados locais com relação às suas estratégias de proteção endógena frente aos seus pares estrangeiros. Adicionalmente, um breve estudo de caso feito a partir da comparação entre dois bancos estrangeiros com trajetórias opostas no país, HSBC Brasil e Santander Brasil, é apresentado ilustrativamente, com o objetivo de complementar a discussão proposta. As conclusões do trabalho indicam que o ambiente competitivo do mercado bancário brasileiro não tem sido favorável para players estrangeiros, e que portanto sua baixa participação não é, essencialmente, um fenômeno externo (associado, por exemplo, a um cenário de deglobalização ou de scale-down). Evidências neste discutidas sugerem que os bancos estrangeiros no Brasil têm sofrido em escala significativa com as particularidades estruturais e institucionais do país, sendo, ainda, diretamente hostilizados, em termos competitivos, por seus concorrentes locais.
 
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Publishing Date
2020-01-16
 
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