Banco Nacional do Comércio
A historic Brazilian regional commercial bank founded in Rio Grande do Sul in 1895 and later incorporated into Banco Sulbrasileiro.
Last updated August 25, 2026
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Overview
Banco Nacional do Comércio, also known as Banmércio, was a historic Brazilian commercial bank based in Rio Grande do Sul. It began operations in Porto Alegre on April 1, 1895, under the name Banco do Comércio. The institution was created by the commercial firms Caetano Pinto & Franco and Azevedo Irmãos & Cia, together with the merchants Edmundo Dreher, Hugo Gertum, Francisco Gonçalves and Fernando do Amaral Ribeiro. Its first directors were Francisco Gonçalves Carneiro, Eduardo Dreher and Manoel Gonçalves Junior. The bank was established during a difficult period for the regional economy and initially kept its activities relatively narrow. Mortgage lending became an important early line of business, and the bank accumulated real estate taken over in the liquidation of accounts belonging to defaulting borrowers. Over time, it broadened its role within the economy of southern Brazil, serving commercial and industrial customers and providing credit support to the municipal government of Rio Grande. In 1906, Banco Nacional do Comércio and Banco da Província participated in the creation of Companhia Força e Luz and Companhia de Seguros Previdência do Sul. The bank also became involved in industrial and agricultural enterprise. In 1918, it joined Banco da Província and Banco Pelotense as a shareholder and co-founder of Companhia de Fumos Santa Cruz. The institution began expanding beyond its original base in 1915, establishing branches in states and territories including Santa Catarina, Mato Grosso and Paraná. By 1919, it operated fifteen agencies across Rio Grande do Sul. Unlike many banks that pursued national expansion, it retained a regional strategy centered on the southern part of Brazil. This focus helped make it an important financial intermediary for local trade and industry, although it did not develop into a nationwide banking group. The bank adopted the name Banco Nacional do Comércio in 1917. Its branch and employment networks grew substantially during the following decades. It had six employees at its founding, fifteen in 1899, twenty-one in 1909, 410 in 1919 and 954 in 1944. On January 2, 1945, it marked its fiftieth anniversary with 89 branches in Rio Grande do Sul and neighboring states. In the mid-1960s, Montepio da Família Militar acquired a majority of its shares. In early 1967, it became the first bank in Rio Grande do Sul authorized to receive FGTS deposits, linking it to Brazil's developing system of employment-related severance-fund accounts. In 1973, Banco Nacional do Comércio ceased to exist as an independent banking group when it was combined with Banco da Província and Banco Industrial e Comercial to form Banco Sulbrasileiro. The former headquarters in central Porto Alegre subsequently housed other financial institutions, including Banco Meridional. Since the 2000s, the building has served as the home of Santander Cultural. The bank is therefore best understood as a defunct regional Brazilian banking brand whose institutional legacy survives through the corporate entities and historic premises associated with it.
History
Banco Nacional do Comércio originated in Porto Alegre, Rio Grande do Sul, where it began operations on April 1, 1895, as Banco do Comércio. Its founders included two commercial companies, Caetano Pinto & Franco and Azevedo Irmãos & Cia, as well as the merchants Edmundo Dreher, Hugo Gertum, Francisco Gonçalves and Fernando do Amaral Ribeiro. Francisco Gonçalves Carneiro, Eduardo Dreher and Manoel Gonçalves Junior formed the first board of directors. The bank's early development was constrained by economic conditions in the region. It initially concentrated on mortgage lending, and the liquidation of delinquent accounts left it with a substantial portfolio of properties acquired from defaulting creditors. Its business later expanded toward the needs of merchants and industrial firms. It also supported the public sector by extending credit to the Municipal Intendency of Rio Grande. The institution participated in the development of other southern Brazilian companies. In 1906, it joined Banco da Província in creating Companhia Força e Luz and Companhia de Seguros Previdência do Sul. In 1918, Banco Nacional do Comércio, Banco da Província and Banco Pelotense became shareholders and co-founders of Companhia de Fumos Santa Cruz. These activities reflected the bank's role not only as a deposit and lending institution but also as a participant in regional economic development. Expansion beyond Porto Alegre began in 1915, with agencies established in places including Santa Catarina, Mato Grosso and Paraná. By 1919, the bank had fifteen agencies in Rio Grande do Sul. It deliberately remained a southern regional institution rather than pursuing a national branch network. Its workforce grew from six employees at launch to fifteen in 1899, twenty-one in 1909, 410 in 1919 and 954 in 1944. The name Banco Nacional do Comércio was adopted in 1917. On January 2, 1945, the institution celebrated its fiftieth anniversary. At that point it had 89 branches in Rio Grande do Sul and neighboring states. The directors identified for the anniversary period were Albino Chaves de Souza, Salathiel Soares de Barros, Jorge Bento and Joaquim José de Brito. Ownership changed in the mid-1960s when Montepio da Família Militar acquired a majority of the bank's shares. In early 1967, Banco Nacional do Comércio became the first bank in Rio Grande do Sul authorized to receive FGTS deposits. This authorization gave it a role in administering deposits associated with Brazil's employment severance-fund system. The bank's independent history ended in 1973, when it joined Banco da Província and Banco Industrial e Comercial in the formation of Banco Sulbrasileiro. Its former central Porto Alegre headquarters later accommodated several other banks, including Banco Meridional. Since the 2000s, the building has been used by Santander Cultural. Banco Nacional do Comércio is now a defunct historical banking brand, remembered primarily for its long regional presence, branch network and participation in the formation of southern Brazil's financial infrastructure.
- 1973
Integration into Banco Sulbrasileiro
[1]The bank joined Banco da Província and Banco Industrial e Comercial in forming Banco Sulbrasileiro.
- 1967
FGTS deposit authorization
[1]The bank became the first bank in Rio Grande do Sul authorized to receive FGTS deposits.
- 1965
Majority ownership changes
[1]Montepio da Família Militar acquired a majority of the institution's shares.
- 1945
Fiftieth anniversary
[1]The bank marked its fiftieth anniversary with 89 branches in Rio Grande do Sul and neighboring states.
- 1919
Reaches fifteen agencies in Rio Grande do Sul
[1]The bank had fifteen agencies across the state and employed 410 people.
- 1918
Co-founding of Companhia de Fumos Santa Cruz
[1]The bank joined Banco da Província and Banco Pelotense as a shareholder and co-founder of the tobacco company.
- 1917
Name changed to Banco Nacional do Comércio
[1]The institution adopted the name by which it became historically known.
- 1915
Branch expansion begins
[1]The bank started establishing agencies outside its original base, including locations in Santa Catarina, Mato Grosso and Paraná.
- 1906
Participation in new regional companies
[1]Together with Banco da Província, the bank helped establish Companhia Força e Luz and Companhia de Seguros Previdência do Sul.
- 1895
Operations begin as Banco do Comércio
[1]The bank began operations in Porto Alegre on April 1, becoming the second commercial bank created in Rio Grande do Sul.
Products and positioning
A southern Brazilian regional bank focused on commerce, industry, mortgage lending and public-sector credit rather than nationwide expansion.
Lending · 1895
Mortgage loans
Mortgage lending was a central early activity. Economic difficulties limited the bank's broader operations, and the institution accumulated properties through the liquidation of accounts held by borrowers who defaulted. This early portfolio shaped its initial balance-sheet profile and distinguishes the bank's formative period from its later, more diversified commercial role.
Business banking
Commercial and industrial credit
As the bank developed, it served merchants and industrial enterprises across southern Brazil. Its branch network connected local business communities with deposits, credit and other conventional banking services. Commercial and industrial finance became the institution's principal economic orientation as it moved beyond its original emphasis on mortgages.
Public-sector banking
Public-sector credit
Banco Nacional do Comércio also operated in the public sector, including by providing credit support to the Municipal Intendency of Rio Grande. This activity illustrates the bank's role as a regional financial intermediary connected to municipal economic and administrative needs.
Deposits · 1967
FGTS deposits
From early 1967, the bank was authorized to receive deposits associated with Brazil's Fundo de Garantia do Tempo de Serviço, or FGTS. It was identified as the first bank in Rio Grande do Sul to receive this authorization, adding an important regulated deposit function to its regional banking activities.
Brand decisions
1973
Merged into Banco SulbrasileiroM&ABackground
Banco Nacional do Comércio operated alongside other important regional banks, including Banco da Província and Banco Industrial e Comercial.
Action taken
The three institutions were combined to form Banco Sulbrasileiro.
Aftermath
Banco Nacional do Comércio ceased to exist as an independent bank and became part of the successor group.
1965
Majority stake acquired by Montepio da Família MilitarM&ABackground
By the end of 1965, ownership of the regional bank was changing after decades of independent operation.
Action taken
Montepio da Família Militar acquired a majority of the bank's shares.
Aftermath
The ownership change preceded the bank's integration into Banco Sulbrasileiro in 1973.
1917
Adopted a national-commerce identity while retaining regional focusStrategyBackground
The institution had expanded its activities and begun developing a branch presence beyond its original base, but it remained focused on southern Brazil rather than seeking nationwide expansion.
Action taken
It changed its name from Banco do Comércio to Banco Nacional do Comércio and continued operating as a regional commercial bank.
Aftermath
The new name became the enduring identity of the bank, while its operating footprint remained concentrated in the southern region.
Recent events
- 1973
Banco Nacional do Comércio joins Banco Sulbrasileiro[1]
M&A
Banco Nacional do Comércio, Banco da Província and Banco Industrial e Comercial were combined into Banco Sulbrasileiro, ending the bank's independent existence.
- 1967
Banco Nacional do Comércio receives authorization to take FGTS deposits[1]
Regulation
The bank became the first institution in Rio Grande do Sul authorized to receive FGTS deposits.
- 1965
Montepio da Família Militar acquires majority stake[1]
M&A
At the end of 1965, Montepio da Família Militar obtained majority ownership of the bank's shares.
- 1917
Bank adopts the name Banco Nacional do Comércio[1]
Other
The regional bank changed its name from Banco do Comércio to Banco Nacional do Comércio.
- 1895
Banco do Comércio begins operations in Porto Alegre[1]
Other
The institution opened for business on April 1 under the name Banco do Comércio.
Sources1 sources
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