What Banestes does

Banestes S.A. - Banco do Estado do Espírito Santo is the state-owned commercial bank of Espírito Santo, Brazil, founded in 1934 and controlled by the Government of Espírito Santo while publicly traded on B3 under tickers BEES3 and BEES4. The bank operates 862 service points covering all 78 municipalities of Espírito Santo, providing retail banking (deposits, consumer credit, payroll-linked consignado loans, BNDES financing, credit/debit cards including Banescard and Banestes Visa), corporate banking via the Banestes.Corp platform, insurance through subsidiary Banestes Seguros (auto, residential, life, business, financial protection, plus specialty agribusiness lines), securities distribution and asset management via Banestes DTVM, insurance brokerage via Banestes Corretora, capitalization, and consortium plans.

The bank runs a hybrid distribution model combining its proprietary branch network with digital channels — App Banestes (iOS/Android), Internet Banking, Banestes.Corp, the Bizi digital-only product for public servants outside Espírito Santo, Banesfácil correspondent banking, and self-service terminals. Underlying technology is conventional digital banking infrastructure; no AI/ML capabilities, APIs, or developer platforms are disclosed. Operational partnerships extend the bank beyond its core stack: BS2 for foreign exchange, Icatu and other carriers for insurance distribution, EMBRACON for pension products, and Dekra, Maxpar/Autoglass, ABG Vistorias, and Autovist for vehicle inspection in the auto-insurance workflow.

Revenue mechanics combine spread-based banking income, insurance premiums (Banestes Seguros), asset-management and securities-distribution fees (Banestes DTVM), brokerage commissions (Banestes Corretora), and capitalization/consortium yields. Customer segments span retail individuals, SMEs, public servants (concentrated in consignado), and the Espírito Santo state and municipal governments for treasury and payroll services. The bank maintains a Social, Environmental and Climate Responsibility Policy and pursues ESG-aligned disclosure via its investor-relations channel at ri.banestes.com.br.

Name

Banestes

Legal name

Banestes S.A. - Banco do Estado do Espírito Santo

Website

https://banestes.com.br

Company type

Public

Founded year

1934

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Banestes S.A. is the state-owned commercial bank of Espírito Santo, Brazil (B3: BEES3/BEES4), operating 862 service points across all 78 municipalities of the state. It serves retail, SME, public-servant, and government customers with banking, insurance, asset management, and capitalization products.

Ownership category

akta.pro rank

Headquarters

HQ city

Victoria

HQ country

Brazil

HQ region

Latin America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Retail and Corporate Banking Services: Core banking services including deposit accounts (conta corrente/poupança), credit products (personal loans, mortgage, BNDES financing, consignado payroll loans), cards (Banescard, Banestes Visa), and investment products (CDB, savings, pensions/VGBL/PGBL, capitalization).
2. Insurance Products: Banestes Seguros offers property, casualty, life, auto, residential, business, and financial protection insurance products through Banestes Corretora (Banescor) and Banestes Seguros S.A. Revenue from insurance premiums.
3. Securities and Asset Management: Banestes DTVM (Distribuidora de Títulos e Valores Mobiliários) manages securities and investment funds for clients. Also offers VGBL/PGBL pension products.
4. Capitalization and Consortia: Banescap (capitalization savings) and Banestes Consórcio (group purchasing plans) generate revenue through periodic contributions and prize distributions.

Go-to-market motion1 record

Distribution channels7 records

Marketing channels4 records

Core offering

Banestes is a publicly traded state-owned full-service bank of Espírito Santo, Brazil, offering retail deposits, consumer and corporate credit, credit and debit cards, investment and pension products, insurance, and securities distribution to individuals, businesses, and the public sector across all 78 municipalities of the state. The bank distributes its products through 862 service points, including branches, self-service terminals, a mobile app, Internet Banking, and a dedicated corporate platform (Banestes.Corp).

Product overview

Banestes operates as a state-owned financial institution (Banco do Estado do Espírito Santo) offering a comprehensive portfolio of banking and insurance products across multiple channels. The core banking ecosystem includes the App Banestes (mobile), Banestes Internet Banking (online), and Banestes.Corp (corporate), serving both individual and business customers throughout all 78 municipalities of Espírito Santo via 862 service points. The insurance arm, Banestes Seguros, provides vehicle insurance (Seguro Automóvel, Auto Pop), residential coverage (Seguro Residencial), life insurance (Seguro Vida with plans including Vida Flex, Vida P.U., Vida Mais, Vida Segura, Vida Nota Dez), business insurance (Seguro Empresarial), and financial protection products. Subsidiary Banestes Corretora (Banescor) operates as an insurance brokerage partner with major insurers, while Banestes DTVM handles securities distribution. Digital initiatives include Bizi, a digital banking platform for public servants outside the state, and comprehensive consigned lending services.

Differentiator

Problem solved

Functional benefit

Brands

• Bizi: Digital bank offering specialized services for public servants outside of Espírito Santo, with competitive rates for consigned loans.
• Banescard
• Banestes.Corp

Products and services

• App Banestes Mobile banking application for Android and iOS enabling account opening, Internet Banking access, credit applications, and automatic investment/redemption for individual customers (Pessoa Física).
• Banestes Internet Banking Online banking platform providing individual customers with secure account access, transactions, payments, and financial management via the web.
• Banestes.Corp Dedicated corporate banking digital platform for business customers (Pessoa Jurídica) offering integrated financial services for companies.
• Bizi - Digital Banking for Public Servants Digital banking product offered by Banestes targeting public servants outside Espírito Santo, providing specialized service and competitive rates on consignado (payroll-deducted) loans.
• Banescard (Cartão Banestes Visa) Proprietary credit and debit card brand of Banestes, including Visa-branded cards and variants such as Visa Electron for businesses, with promotional campaigns and loyalty programs.
• Crédito Imobiliário Real estate financing product for home purchases and construction offered to individual customers.
• CDB (Certificado de Depósito Bancário) Bank deposit certificates providing fixed-income investment returns distributed to customers.
• Consórcio Banestes Group savings/consortium plans for vehicle, real estate, and other major acquisitions, with periodic contributions and prize distributions.
• Banestes Previdência (VGBL/PGBL) Private pension and retirement planning products including VGBL and PGBL plans for individuals.
• CrescerCidadES Microcredit Program Microcredit program aimed at small entrepreneurs and citizens, supporting financial inclusion in Espírito Santo.
• Banestes Seguros - Auto Insurance Vehicle insurance products including Seguro Automóvel (with 24-hour assistance, total loss, theft, robbery and third-party coverage) and Auto Pop (economical coverage for vehicles up to 20 years old, including imports).
• Banestes Seguros - Residential Insurance Home insurance covering fire, lightning, and robbery, with additional pet assistance and virtual architect services.
• Banestes Seguros - Life Insurance (Seguro Vida) Life insurance offering multiple plans (Vida Flex, Vida P.U., Vida Mais, Vida Segura, Vida Nota Dez) covering personal and business customers.
• Banestes Seguros - Business Insurance (Seguro Empresarial) Business insurance for companies covering vida empresarial, capital global, and capital definido plans.
• Seguro Proteção Financeira Financial protection insurance including card protection coverage.
• BAP - Bilhete de Acidentes Pessoais Personal accident insurance ticket providing coverage for accidental death and injuries.
• Seguro Prestamista Loan protection insurance covering borrower defaults, linked to Banestes credit products.
• Plano Odontológico (OdontoPrev) Dental plan offered in partnership with OdontoPrev through Banestes distribution.
• VGBL Banestes Life insurance with investment component (VGBL) offered online with full regulatory compliance.
• Banesfácil (Correspondent Banking) Correspondent banking service points extending Banestes financial services in areas without physical branches.
• Banestes Saque e Pague Self-service terminals and service points for cash withdrawals and basic payment transactions.

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Major Insurance Companies (via Banestes Corretora)coreChannel Partner/ Reseller/ DistributorBanestes Corretora (Banescor) acts as an authorized insurance broker in partnership with the main insurance companies in the Brazilian market. The company aims to offer the best conditions to clients by identifying the most suitable product for each need with an ideal cost-benefit balance. Partner insurers include ICATU, and others referenced by logo (image listing several insurance brands).
• IcatuminorChannel Partner/ Reseller/ DistributorIcatu is listed as a partner insurance company through the Banestes Corretora links. Website: icatuseguros.com.br.
• EMBRACONminorChannel Partner/ Reseller/ DistributorBanestes partnership with EMBRACON (accessed via banestes.embracon.com.br) for pension and savings products distribution.
• Fipe (Fundação Instituto de Pesquisas Econômicas)minorOthersFipe is listed as a useful link through Banestes Corretora, providing economic research data referenced for insurance and valuation purposes.
• DekracoreTechnology or IntegrationDekra provides vehicle inspection (vistoria prévia) services for Banestes Seguros auto insurance. Services include mobile inspection and fixed station inspection throughout Espírito Santo.
• Maxpar/AutoglasscoreTechnology or IntegrationMaxpar/Autoglass provides auto digital inspection (Auto Vistoria) services for Banestes Seguros, enabling remote vehicle inspection through mobile technology.
• ABG VistoriascoreTechnology or IntegrationABG Vistorias provides both digital (Auto Vistoria) and in-person (presencial) vehicle inspection services for Banestes Seguros across multiple municipalities in Espírito Santo.
• Seguradora Líder (DPVAT)minorChannel Partner/ Reseller/ DistributorBanestes Seguros provides access to DPVAT (Mandatory Personal Injury Traffic Insurance) through the official insurer Seguradora Líder, linked via the Banestes Seguros services page.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Nubank: Brazil's leading digital bank with nationwide reach and no physical branches. Competes with Banestes for retail customer acquisition, particularly among younger and digitally native consumers across Brazil.

Direct peers

• Banco Pan: Brazilian mid-sized bank with strong focus on payroll-linked lending (consignado) and consumer credit. Directly comparable to Banestes's Bizi proposition and core retail lending franchise in serving public servants.
• Banrisul: State-owned bank of Rio Grande do Sul, the closest direct peer to Banestes. Operates a similar regional state-bank model with physical distribution, public sector payroll, and full-service retail/corporate banking within its home state.
• Banco do Nordeste: Brazilian regional development bank focused on the Northeast region. Comparable to Banestes as a state/region-focused bank with development mandate, retail and corporate banking, and government backing.

Broad incumbents

• Banco do Brasil: Brazil's largest state-owned bank with nationwide presence and public sector focus. Comparable to Banestes as a state-controlled bank targeting public servants, but operates at vastly larger scale across all Brazilian states.
• Bradesco: One of Brazil's largest private retail banks, operating nationwide. Competes with Banestes for retail and corporate customers in Espírito Santo while offering similar products (accounts, credit, insurance, asset management) at national scale.
• Santander Brasil: Major private bank in Brazil with strong retail and corporate presence. Directly comparable to Banestes in offering accounts, credit, insurance, and asset management to retail and SME customers across all Brazilian states.
• Itaú Unibanco: Brazil's largest private bank with comprehensive retail, corporate, and investment banking services. Competes with Banestes across Espírito Santo and serves similar customer segments with overlapping digital and physical channels.
• Caixa Econômica Federal: Federal state-owned bank with massive distribution network and government payroll dominance. Directly comparable to Banestes in its dependence on public sector customers and pension/consignado lending, though at national scale.
• BS2: Brazilian digital bank and B2B payments company; partner of Banestes for foreign exchange services. Comparable as a banking and FX services provider operating in the Brazilian market with technology-led offerings.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/banestes_sa
• YouTubeyoutube.com/BanestesTV
• Facebookfacebook.com/Banestes
• LinkedInlinkedin.com/company/banestes-s-a-banco-do-estado-do-esp-rito-santo
• Instagraminstagram.com/banestes_sa

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Banestes