BGIP3

Banco do Estado de Sergipe - BANESE, traded on B3 under tickers BGIP3 and BGIP4, traces its origins to 1961, when it was created under the name Banco de Fomento Econômico (BANFESE) during the administration of Luiz Garcia. Banking operations began on January 2, 1964, under Governor Seixas Dória, with journalist Orlando Dantas as the first president, who highlighted the institution’s role in the economic development of Sergipe. In 1967, the bank adopted the Banese name, accompanying a process of expanding into the interior of the state with the opening of branches in smaller cities and changes to its organizational structure. Over the following decades, the institution expanded its service network, created entities focused on employee well-being, and invested in human resources, technology, and new financial business segments.

In the 1970s and 1980s, Banese consolidated its administrative and technological structure with the creation of the Data Processing Center (CPD) and areas such as Finance, Planning, and Systems and Methods. During this period, initiatives such as BACISA (Banese Crédito Imobiliário/Poupança Banese), Banese Corretora de Seguros, SERGUS (Instituto Banese de Seguridade Social), the Open Market Portfolio, and the Single Account System of the State Government were also launched. In 1991, Banco do Estado de Sergipe was authorized by the Central Bank to operate as a multiple bank, with Commercial, Development, and Real Estate Credit portfolios, fully automated its branch network, and joined the Rede Verde-Amarela, connecting to thousands of state bank branches across the country. Subsequently, the bank was authorized in 1998 to operate Credit, Financing and Investment, and Leasing portfolios and, more recently, an investment portfolio in 2019.

As a multiple bank, Banese’s business model covers all banking operations authorized by the Central Bank, the provision of various financial services, and other activities permitted to institutions within the Brazilian Financial System. The institution has a strong focus on the retail segment, especially serving individuals, with an emphasis on public servants who receive their salaries through the bank, in addition to providing working capital financing to small and medium-sized companies. It also finances the construction of real estate projects and credit operations arising from BNDES and BNB onlending, through rural and industrial portfolios. In 2024, credit operations reached R$ 4.6 billion and were the main source of results, with emphasis on payroll loans to public servants and products offered via correspondents in Brazil, as well as corporate working capital lines such as Progiro Banese.

Banese’s product portfolio is extensive and strongly anchored in consumer and public sector credit, with several types of loans aimed at state, municipal, and federal public servants, INSS retirees and pensioners, the bank’s own employees, and employees of private companies. Among the main lines for individuals are payroll-deductible loans, Credi-Salário, salary advances, 13th salary and vacation bonus advances, products for tax refund anticipation or financing of Income Tax, lines aimed at education, modernization and notarial office expenses, home renovation and decoration, as well as home equity loans (Cred-Banese UseBem). For companies, in addition to Progiro Banese, the bank offers invoice discounting, overdraft loans, and business checks, seeking to meet working capital needs, including for individual microentrepreneurs. There are also specific products such as credit for notary office modernization and seasonally structured lines tied to tax dates and obligations.

In terms of structure and distribution channels, Banese maintains a broad physical presence in Sergipe, with 63 branches, 7 service posts, 442 ATMs, and 173 correspondents in the country, complemented by internet banking, mobile banking, and call center. Its self-service channels offer coverage throughout the state, with national and international access through shared networks such as Banco 24 Horas, Mastercard Maestro, and Rede Saque e Pague. In 2024, funds raised and managed by the bank totaled R$ 10.6 billion, with relevant growth in demand deposits, time deposits, and savings. The institution reports a 20% share of total commercial credit granted in Sergipe, in addition to significant shares in the state’s financing and rural credit portfolios, with percentages of 14.3% and 18.1%, respectively, underscoring its regional relevance in financial intermediation.

Banese’s prudential conglomerate includes Banco do Estado de Sergipe itself, Mulvi Instituição de Pagamento S.A., credit card receivables investment funds, and exclusive multimarket funds. Mulvi operates in payments and related services, focusing on credit cards, vouchers, and acquiring solutions, offering, for example, the MULVI PAY platform. In 2024, products managed by Mulvi processed R$ 4.5 billion and the base of active cardholders eligible to make purchases reached 539,967 thousand customers, reinforcing the group’s role in financial services associated with cards and electronic payments. Banese has also developed distinctive proprietary products in its market, such as Banese Card, a card aimed at the Sergipe public, and the Ponto Banese correspondent network, which extends banking service reach through commercial establishments.

From a regulatory standpoint, Banese is subject to the rules issued by the Central Bank of Brazil, the authority responsible for authorizing operations, corporate reorganizations, and changes in the operating portfolios of financial institutions. The relationship with the regulator includes meeting requirements related to proving the origin of controlling shareholders’ funds, complying with monetary policy guidelines, and observing specific resolutions, such as those related to the management of social, environmental, and climate risks. In terms of governance, since 2008 the Bylaws have provided tag along rights for minority shareholders in cases of significant changes of control, a condition that led the bank’s shares to be included in B3’s ITAG index as of 2017. Additionally, Banese owns several registered trademarks associated with financial products and services, insurance, pension plans, digital channels, and initiatives such as Banese Card, Ponto Banese, Instituto Banese, and Banese Corretora de Seguros.

On the environmental, social, and governance (ESG) front, Banco do Estado de Sergipe has adopted a Social, Environmental, and Climate Responsibility Policy (PRSAC), aligned with National Monetary Council Resolutions and Central Bank guidelines on social, environmental, and climate risks. For certain credit operations, the institution requires the application of a social, environmental, and climate risk form and a compliance analysis with labor, environmental, and social legislation for activities subject to these risks. Banese discloses ESG information in its Annual Report, correlating its initiatives with the UN Sustainable Development Goals, focusing on issues such as poverty eradication, education, gender equality, decent work, economic development, and reduction of inequalities. The bank also mentions the process of building and validating a materiality matrix and ESG key performance indicators, as well as its preparation to meet the new regulatory requirements for reporting social, environmental, and climate risks. The institution does not report revenue in other countries, concentrating all of its revenue generation in Brazil, focusing on the Sergipe market and, to a lesser extent, neighboring states through its subsidiaries and service channels.

In terms of its relationship with society in Sergipe, Banese has historically highlighted its support for cultural, sports, education, health, environmental, and job creation projects, reinforcing its role as an agent of regional socioeconomic development. In 2024, the institution emphasizes that it intensified the provision of credit and services to the local population and entrepreneurs, including new capital injections from shareholders, which made it possible to expand its lending capacity. For investors analyzing BGIP3 and BGIP4 shares on B3, Banese presents itself as a multiple bank with strong regional operations, high exposure to the retail segment—especially public servants—and a significant presence in commercial and rural credit in Sergipe, operating under a robust regulatory framework and in the process of evolving its ESG risk management and transparency practices for its various stakeholders.