Brazil's coffee-country bank has been lending to the same small state since 1937 — and the state government still owns nearly all of it. That unusual loyalty has produced a quietly profitable franchise that most outsiders have never heard of. Key Facts — Banestes S.A. Full nameBanestes S.A. — Banco do Estado do Espírito Santo Tickers / exchangeBEES3 (ordinary), BEES4 (preferred) — B3, São Paulo HeadquartersVitória, Espírito Santo, Brazil SectorFinancial Services — Regional Banks Employees2,325 Market value (market cap)R$3.04bn (US$588m) Yearly sales (total revenue, 2025)R$6.24bn (US$1.21bn) Net profit (2025)R$339.9m (US$65.8m) …
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