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Banco Sofisa S.A.

Profile:

Operating in the financial market for 48 years, Banco Sofisa focuses on the small and medium enterprises segment (SME), which consists of companies with annual revenues from R$5 mn to R$300mn; and on the consumer-finance segment, especially car loans and payroll loans.

In the SME segment, Banco Sofisa serves 1,758 customers through 19 branches in 13 states. Sofisa’s operations are underpinned by a policy of granting loans secured by strong collaterals (98% in 1Q09) and the maximum credit exposure per economic group is R$30 mn, equivalent to 3.5% of shareholders’ equity.

The consumer-finance segment, with 121,661 active customers, offers car loans in the major cities where Sofisa maintains a presence, and originates payroll loans through correspondent banks.

To support its operations and maintain adequate maturities for its assets and liabilities, Banco Sofisa has pursued new alternative funding operations, such as Eurobonds issue and syndicated offshore loans, in addition to issuing certificates of deposit with special guarantees (DPGE), which are backed by Fundo Garantidor de Crédito, and loan assignments with longer maturities.

History:

Banco Sofisa was founded in 1961 as a Consumer-Credit Company. In 1989, it obtained the license to operate as a multiple-service bank and in 1990 began operations in credit to small and medium enterprises. In 1994, the bank expanded its retail operations through loans for new and used cars, which it successfully carried out till 2001, before selling them to Finaústria (currently Itaú BBA). In 2001, Sofisa began expanding its middle-market operations to regions outside São Paulo state. In May 2007, it held its IPO, raising net funds of R$ 497.3 million, 100% of which were allocated to support the credit portfolio growth and to restructure its successful erstwhile car loan operation.

With the objective of continually improving its corporate governance practices, in December 2008, Sofisa became one of the select group of publicly held companies listed on the Level 2 Special Corporate Governance Segment of the Bovespa, effectively expanding the rights of minority shareholders and increasing transparency.

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