Brazil · Banking · Markets
Published Thursday, 22 October, 3:33 p.m. ET · Source: Banco Central do Brasil
Key Facts
—The number. Bradesco had 57.23 valid complaints per million customers, the most in Brazil.
—Runners-up. C6 Bank scored 52.31 and Itaú about 43 in the third quarter of 2026.
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—The change. Bradesco’s index fell from 84.90 in the second quarter but still ranked first.
—Why US readers care. Bradesco (NYSE: BBD) and Itaú (ITUB) are Brazilian banks listed in New York.
—Still unknown. Why complaints fell by about a third; the reports mention no penalty.
—Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 75.0 points (October 2026 edition).
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Brazil’s central bank named Bradesco, one of the country’s largest banks, the most complained-about financial institution of the third quarter on Thursday, 22 October 2026. Bradesco logged 57.23 valid complaints per million customers, ahead of C6 Bank at 52.31 and Itaú at about 43.
The ranking covers banks, finance companies and payment firms, so it also touches the Brazilian bank stocks that US investors hold as ADRs. For the wider picture, see our Brazil economy guide and the Bradesco company profile.
How the Ranking Works
The central bank publishes the ranking every quarter, built from complaints that customers file against their financial institutions. It counts only complaints it judges valid and reports them per million customers, using statistical extrapolation.
In Plain English
- Index: valid complaints for every million customers, so big and small banks can be compared.
- Valid complaint: one the central bank judged justified, known in Portuguese as procedente.
- Conglomerate: a bank and its group companies, counted together.
The Top 10 at a Glance
Bradesco had 6,333 valid complaints, C6 Bank 1,893 and Itaú 4,252. Itaú logged more than twice as many complaints as C6 but ranks lower, because it has far more customers.
- 1. Bradesco: 57.23
- 2. C6 Bank: 52.31
- 3. Itaú: about 43
- 4. BTG Pactual/Banco Pan: 40.60
- 5. PicPay: 35.51
- 6. Mercado Pago: 30.57
- 7. Banco do Brasil: 29.94
- 8. Santander: 29.75
- 9. PagSeguro: 28.52
- 10. Inter: 18.45
Neon (18.02), Caixa Econômica Federal (17.15), Nu Pagamentos (10.68), CloudWalk (10.12) and 99Pay (5.98) complete the list of 15. Nu Pagamentos, the payments arm of Nubank, is third from the bottom; see our Nubank explainer.
Bradesco’s Quarter in Context
Bradesco was second behind C6 in the first quarter of 2026, with 5,398 valid complaints. In the second quarter it jumped to first place with 9,375 complaints and an index of 84.90, its first lead in more than a year.
In the third quarter its count fell by about a third to 6,333, and its index dropped to 57.23. The most frequent complaints across the ranking concern credit cards, credit services other than payroll loans, and payroll loans.
Bradesco also led the previous quarter, so the bank has now topped the ranking twice in a row. The gap to C6, at 4.9 index points, is narrower than in the second quarter, when C6 scored 59.77.
What It Means for US Readers
For holders of Bradesco ADRs (BBD) and Itaú ADRs (ITUB), the ranking measures customer service, not earnings. Our earlier report on Bradesco’s share sale covers the bank’s balance-sheet side.
Expats and investors who bank in Brazil can use the index as one input when choosing a bank, next to fees and app quality. A low score, such as Nu Pagamentos at 10.68, signals fewer upheld complaints per customer, not a safer bank.
What Is Not Known
The central bank has not said why Bradesco’s complaints fell by about a third in one quarter. None of the reports we reviewed mention a penalty or supervisory action tied to the ranking.
Sources
Banco Central do Brasil, complaints ranking · InfoMoney, 22 October 2026 · Metrópoles, 22 October 2026 · Investidor10, second-quarter ranking · Let’s Money, second-quarter ranking
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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Frequently Asked Questions
Which bank had the most complaints in Brazil in the third quarter of 2026?
Bradesco, according to the central bank’s ranking published on 22 October 2026. It had 57.23 valid complaints per million customers, ahead of C6 Bank at 52.31 and Itaú at about 43.
How does Brazil’s central bank count complaints?
It counts only complaints it judges valid and expresses them per million customers, using statistical extrapolation. The ranking covers banks, finance companies and payment institutions.
Did Bradesco’s complaints rise or fall in the third quarter?
They fell. Bradesco had 6,333 valid complaints, down from 9,375 in the second quarter, and its index dropped from 84.90 to 57.23, yet it still ranked first.
Is a high complaint index a penalty for a bank?
The ranking is a consumer-service measure, not a sanction. The reports we reviewed mention no penalty tied to the third-quarter figures.
Where can I check a Brazilian bank before opening an account?
The central bank publishes the complaints ranking every quarter on its website. It is one useful input alongside fees, branch access and app quality.