But on Tuesday, Itau was already shedding nearly 2% and Bradesco did the same.
The equivalent figure at Itau, the most efficient of Brazil's big banks, is 69%.
Banks like Itau Unibanco have a healthy balance sheet and appetite to expand across Latin America and beyond.
Both have underperformed the market over the last six months, with Itau down 3.7% and rival Bradesco down 2.95%.
Banks like Itau Unibanco (ITUB) failed to calculate what the changes would mean to a different class of borrowers.
Stock prices of the two biggest private auto lenders, Itau and Bradesco (BBD) are down by 23% and 13% respectively year-to-date.
In the last three months, Bradesco and Itau are up over 7% while the Bovespa is up around 4.5% in dollar terms.
Anonymous Brazil said that Itau was getting attacked again in the afternoon.
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Such factors mean that Brazil's top three commercial banks, Bradesco, Itau and Unibanco, are strong enough to be predators rather than prey.
Bradesco, Itau and Unibanco have had great success, particularly in selling insurance.
Among the Brazilian bidders, Bradesco needs Banespa to stay out in front, and Itau needs it to come close to the top spot.
While government policy is a risk factor for Itau and Bradesco, few things are standing in the way of multinational Brazilian brewer Ambev (ABV).
Indeed, both Bradesco and Itau are registered to bid in a much-postponed auction for Banerj, the first of Brazil's state banks to be privatised.
Banks like Itau Unibanco are selling bonds overseas priced in reals.
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Brazilian investment bank Itau BBA calculated this week that the euro zone economies would contract by nearly 5% in such a worst case scenario, not 0.3%.
Itau argues that around 60 percent of the quarterly drop was due to credit mix changes and around 25 percent because of spread reduction to compete with the government banks.
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On a positive note, it should be noted that Itau reported an improvement in non-performing loans of 90 days or more, down to 5.1 percent for consumer loans and 7.5 percent for commercial loans.
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The government owned banks are all lowered their lending spreads to corporates and individual accounts, too, with private lenders like Itau Unibanco (ITUB) and Bradesco (BBD) following the lead of federal juggernaut Banco do Brasil.
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Brazil financials like Itau Unibanco (ITUB) and Bradesco (BBD) are trading at a discount, and no one wants to buy retail anymore, but these wholesale prices are not enough to attract investors, even with the credit stimulus announced Monday.
Itau BBA even went on to say that if Greece leaves the euro zone, and Spain followed them out the door, it would equate to a Lehman Brothers-like scenario that took markets down globally for seven months starting in September 2008.
Among the largest underlying components of EEM, in trading today Itau Unibanco Holding S.A. ( NYSE: ITUB) is off about 0.7%, Vale S. A. ( NYSE: VALE) is up about 0.1%, and Banco Bradesco S.A. ( NYSE: BBD) is lower by about 0.4%.
While 50% of GDP is driven by services, excluding financials, the BOVESPA is crowded and concentrated, with eight stocks making up more than half of the market cap of the exchange: Petrobras, Vale, Itau Unibanco, Ambev, Bradesco, Banco do Brasil, Santander, and OGX.
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Among the largest underlying components of ILF, in trading today Itau Unibanco Holding S.A. ( NYSE: ITUB) is off about 1.2%, Petroleo Brasileiro S.A. ( NYSE: PBR) is down about 0.4%, and Companhia de Bebidas das Americas-AMBEV ( NYSE: ABV) is lower by about 0.1%.
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Among the largest underlying components of ILF, in trading today Itau Unibanco Holding S.A. ( NYSE: ITUB) is up about 0.8%, Banco Bradesco S.A. ( NYSE: BBD) is up about 0.2%, and Companhia de Bebidas das Americas-AMBEV ( NYSE: ABV) is up by about 1.1%.
Among the largest underlying components of ILF, in trading today Itau Unibanco Holding S.A. ( NYSE: ITUB) is up about 0.4%, Banco Bradesco S.A. ( NYSE: BBD) is up about 0.4%, and Companhia de Bebidas das Americas-AMBEV ( NYSE: ABV) is higher by about 0.2%.
FORBES: iShares S&P Latin America 40 Index Fund Experiences Big Outflow
Among the largest underlying components of ILF, in trading today Itau Unibanco Holding S.A. ( NYSE: ITUB) is up about 0.6%, Banco Bradesco S.A. ( NYSE: BBD) is up about 0.6%, and Companhia de Bebidas das Americas-AMBEV ( NYSE: ABV) is up by about 0.7%.
FORBES: iShares S&P Latin America 40 Index Fund Experiences Big Outflow
Among the largest underlying components of ILF, in trading today Itau Unibanco Holding S.A. ( NYSE: ITUB) is down about 0.5%, Banco Bradesco S.A. ( NYSE: BBD) is down about 0.1%, and Companhia de Bebidas das Americas-AMBEV ( NYSE: ABV) is lower by about 0.5%.
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