Business · Companies · 17 hrs ago
Closed bank branches become sites for new buildings in São Paulo
Developers are turning closed bank branches into building sites in São Paulo, Brazil.
The five largest banks in the country closed about 9,200 branches over 10 years, creating a supply of large sites in prominent locations.
Developers Benx and Vitacon have bought former branches for residential and commercial projects.
One Benx project in the Jardins area will have 22 luxury apartments, each larger than 600 square metres.
Digital banking, Pix and the pandemic accelerated branch closures, while smartphone banking reached 273 billion transactions in Brazil in 2024.
Replacing empty branches with mixed-use buildings can bring new residents and businesses to neighbourhoods.
The closure of bank branches in São Paulo is creating opportunities for developers to build homes and commercial properties on well-located sites.
Brazil’s five largest banks closed about 9,200 branches over the past 10 years, according to Estadão.
Benx has acquired eight former bank branches, while Vitacon has acquired six, for real-estate projects.
A former Itaú site in Jardim Europa is being developed into a luxury building with 22 apartments.
The shift to digital banking, including smartphone transactions, has helped reduce demand for in-person branches.
- Who
- Real-estate developers including Benx and Vitacon are acquiring former bank branches.
- What
- Closed branches are being converted into residential and commercial developments.
- When
- The article was published on November 14, 2026; it says the five largest banks closed about 9,200 branches over the previous 10 years.
- Where
- São Paulo, including Jardim Europa, Santana and Itaim Bibi.
- Why
- Banks are closing branches as customers move to digital channels, creating an available supply of large sites in desirable locations.
This story does not have two clearly opposing sides.
Itaú had 3,500 branches, according to data cited in the article.
A former Itaú site on Avenida Jardim, acquired for a luxury development, became a construction site four years before the article’s publication.
Smartphone operations reached 273 billion transactions, according to a Central Bank financial citizenship report.
Estadão reported on developers buying former bank branches for real-estate projects.
- Branches closed
- About 9,200 at Brazil’s five largest banks over 10 years
- Benx acquisitions
- Eight former bank branches
- Vitacon acquisitions
- Six former bank branches
- Art Boulevard
- 22 apartments, each larger than 600 square metres
- Avenida Jardim site
- About 1,500 square metres
- Smartphone transactions
- 273 billion in 2024
1 source
What people are saying
Branches have always had the best plots, in areas with passing traffic and important avenues.
Replacing a physical branch with a mixed-use building revitalizes idle spaces and brings hundreds of new residents and businesses, boosting the neighborhood economy much more.