BGIP3: quote, dividends and indicators for Banco do Estado de Sergipe - BANESE

Banco do Estado de Sergipe - BANESE is a financial institution founded in 1961, originally under the name Banco de Fomento Econômico (BANFESE), created during the administration of Luiz Garcia with a focus on the economic development of the state of Sergipe. Operational activities began in January 1964, during the government of Seixas Dória, with journalist Orlando Dantas as its first president. In 1967, the bank adopted its current name, Banco do Estado de Sergipe S.A., in conjunction with the expansion of its branch network into the interior, opening branches in several municipalities in Sergipe. Over the following decades, BANESE expanded its administrative structure, invested in human resources, implemented a Data Processing Center, and created related entities such as Banese Corretora de Seguros, BACISA (real estate credit and savings), and SERGUS (social security institute), consolidating its role as a relevant financial agent in the state economy.

BANESE’s history includes its transformation into a multiple-service bank in 1991, with Commercial, Development and Real Estate Credit portfolios authorized by the Central Bank of Brazil. Later, in 1998, the bank also began operating Credit, Financing and Investment and Leasing portfolios, and in 2019 it obtained authorization for the Investment Portfolio. Following currency stabilization in the 1990s, the bank faced a reduction in inflation-related income and had to adjust expenses and staffing. It then entered a modernization phase, investing in technology, network automation, product expansion, and employee development. In this context, it launched Banese Card, a credit card aimed especially at the Sergipe market, and the Ponto Banese network of banking correspondents, extending the reach of its financial services. BANESE shares are traded on B3 under the tickers BGIP3 and BGIP4 and are part of the ITAG index, which includes companies that offer differentiated tag along rights to minority shareholders.

As a multiple-service bank, BANESE’s corporate purpose is to conduct banking operations authorized by the Central Bank and to provide financial services across different segments. Its business model has a strong retail focus, especially on extending credit to individuals, with an emphasis on federal, state and municipal public servants, both active and retired, and INSS beneficiaries, in addition to lines aimed at private-sector workers. In the corporate segment, the institution focuses mainly on working-capital financing for small and medium-sized companies, through products such as Progiro Banese, invoice and promissory note discount lines, business checks, and overdraft loans. The bank also finances real estate developments and carries out operations with funds transferred from BNDES and Banco do Nordeste in the rural and industrial portfolios, with notable relevance in agricultural credit and regional development financing.

BANESE’s retail portfolio is characterized by a wide variety of credit products, predominantly in installment format, many of them tied to clients’ recurring income flows. Among the lines for individuals, the highlights are payroll-deductible loans for public servants and retirees, salary-linked credit, advance payment of 13th salary, vacation bonus, FGTS birthday-withdrawal, and income tax refund anticipation. There are also products geared to specific needs, such as financing for notary office expenses, home renovation and decoration, modernization of registry offices, installment payment of taxes such as IPVA and IPTU, and home equity loans. For self-employed professionals, the bank offers its own modalities of installment credit, as well as short-term lines for state and municipal public servants. In 2025, credit operations totaled R$ 5.2 billion and were the bank’s main source of results, with a strong contribution from payroll-deductible loans and working-capital operations.

In serving companies, BANESE structures its credit solutions around working-capital financing and support for seasonal cash needs. Products such as Progiro Banese and Credi Recebíveis Empresarial target companies with service contracts and receivables to be advanced, while specific modalities such as Progiro Consignado SUS serve healthcare service providers linked to the SUS, with payroll-deductible margins made available by the Ministry of Health. There are also lines for financing 13th salary and labor charges, as well as revolving credit in checking accounts via business checks. Additionally, the bank offers lines tied to government programs that support micro and small enterprises, such as Pronampe, underscoring its presence in smaller segments and its strong alignment with Sergipe’s local economy.

BANESE’s distribution network combines physical and digital channels. In 2025, the institution maintained 63 branches, 7 service points, 403 ATMs and 151 correspondents in Brazil, with full coverage of the state of Sergipe and complementary presence in neighboring states such as Bahia and Alagoas, through its service network and credit products. Services are also provided via internet banking and mobile banking, as well as shared self-service networks such as Banco 24 Horas, Mastercard Maestro and Rede Saque e Pague, enabling transactions in other Brazilian states and abroad via card networks. The bank does not show significant concentration in a single client and has no borrowers accounting for more than 10% of total net revenue. In terms of market share, in 2025 BANESE held around 18% of the financing portfolio and 19% of rural credit in Sergipe, in addition to 36.7% of state commercial credit, according to data from the Central Bank of Brazil, highlighting its prominent role in local financial intermediation.

The Banese Prudential Conglomerate consists of Banco do Estado de Sergipe S.A. and subsidiaries that complement its service ecosystem. Mulvi Instituição de Pagamento S.A. operates in the payments segment, focusing on credit cards, vouchers and acquiring solutions, and offers, through the Mulvi Pay platform, payment functionalities for merchants and consumers. In 2025, products managed by Mulvi handled R$ 4.9 billion in transactions, and the base of cardholders eligible to purchase reached hundreds of thousands of customers. Loterias de Sergipe S.A. (Lotese), a wholly owned subsidiary of BANESE, began commercial operations in 2025, offering public lottery services in the state, with part of its net revenue allocated to social inclusion, culture, sports and environmental initiatives in Sergipe. In its first year of operations, Lotese consolidated its technology base and physical and online channels and began expanding its video lottery network, laying the groundwork for scaling up betting volumes and revenue.

Banco do Estado de Sergipe’s activities are strongly influenced by the regulation of the Central Bank of Brazil, which authorizes and supervises the institution’s activities as part of the National Financial System. Significant corporate changes, the creation or cancellation of operating portfolios, and corporate reorganization transactions require regulatory approval. In terms of intellectual property, BANESE maintains a portfolio of trademarks registered with the National Institute of Industrial Property, including names related to its products and services, such as Banese Card, Ponto Banese, Instituto Banese, Banese Corretora de Seguros, SERGUS, CASSE and brands associated with digital platforms and cultural initiatives. BGIP3 and BGIP4 shares, traded on B3, have tag along rights provided for in the bylaws since 2008, recognized by the market as of 2017 with their inclusion in the ITAG index, reinforcing the formal protection offered to minority shareholders.

In environmental, social and governance (ESG) matters, BANESE structures its practices around the Social, Environmental and Climate Responsibility Policy (PRSAC), which guides the incorporation of social and environmental criteria into its credit activities and risk management. The institution conducts social and environmental risk analyses for granting loans in economically sensitive activities and monitors the exposure of its portfolio to segments susceptible to social, environmental and climate risks. The bank discloses ESG information in annual reports and in a specific Social, Environmental and Climate Risks and Opportunities report (GRSAC), aligning its initiatives with several UN Sustainable Development Goals, such as poverty eradication, quality education, reduced inequalities, decent work, sustainable cities and climate action. BANESE tracks indicators such as female representation in leadership positions, operational eco-efficiency and corporate education, although it has not yet prepared a greenhouse gas emissions inventory or adopted independent external assurance for its ESG reports.