Company: BBD
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001292814-25-001244
Chunk: 156

Company: BANK BRADESCO
Filing Date: 2025-03-31
Form: 20-F
Item: Item 4
Chunk 156
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 Bank of Brazil and the CMN and aiming to stimulate innovation, promote competition, increase the efficiency of the National Financial System and Brazilian Payment System and promote financial citizenship. For this purpose, it provides that standards of systemic integration between participant institutions must be adopted.
 Institutions authorized to operate by the Central Bank of Brazil assume the following roles as participants in Open Finance:
 
a)   transmitting the data;
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b)   receiving the data;
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c)   holding a demand, savings deposit account or prepaid payment account;
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d)   initiating the payment transaction; and
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e)   having a digital correspondent contract in Brazil.
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 Due to our importance in the National Financial System and the characteristics of our activities, it is mandatory to implement Open Finance due to being a participant in the roles “a”, “c” and “e” above. Despite being optional, we will participate in the other roles based on business opportunities with data receiver and payment initiator.
 The implementation of Open Finance in Brazil consists of four stages, according to the schedule established by the Central Bank of Brazil.
 Our Open Finance Squad has highly qualified professionals, focused on developing the best solutions around the new financial system. Divided into multi-functional groups, our squads work with an agile mindset and exercise an end-to-end vision to create intuitive and personalized customer journeys and achieve increasingly positive results. We established a dedicated team to drive the use of open finance data in collaboration with the business area, with the goal of delivering greater value to clients.
 
4.B.60.01 Deposits
 The deposit market is highly concentrated, with our main competitors being Itaú Unibanco, Caixa Econômica Federal, Banco do Brasil and Santander. In September 2024, the five largest institutions held 65.5% of deposits in the Brazilian markets.
 
4.B.60.02 Loans and advances
 Competition in loans and advances has been increasing in recent years. Our main competitors are Itaú Unibanco, Banco do Brasil, Santander Brasil and SICREDI.
 

92 – Form 20-F 2024 | Bradesco
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4.B.60.03 Credit cards
 The credit card market in Brazil is highly competitive. Our primary competitors in the market are the major banks. However, digital banks have increased their importance in the Brazilian markets. Management believes that the primary competitive factors in this area are card distribution channels, both physical and digital, and the services and benefits offered, in addition to better user