BANCO SANTANDER (Brasil) S.A
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2010 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ OR SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number: 001-34476 BANCO SANTANDER (Brasil) S.A. (Exact name of Registrant as specified in its charter) Federative Republic of Brazil (Jurisdiction of incorporation) Avenida Presidente Juscelino Kubitschek, 2235 and 2041 – Bloco A Vila Olímpia São Paulo, SP 04543-011 Federative Republic of Brazil (Address of principal executive offices) James H. Bathon, Chief Legal Officer Banco Santander, S.A. New York Branch 45 E. 53rd Street New York, New York 10022 (212) 350-3500 (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered American Depositary Shares, each representing the right to receive 55 common shares, New York Stock Exchange no par value, and 50 preferred shares, no par value, of Banco Santander (Brasil) S.A. Securities registered or to be registered pursuant to Section 12(g) of the Act: None (Title of Class) Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None (Title of Class) Indicate the number of outstanding shares of each of the issuer’s classes of capital stock or common stock as of the close of business covered by the annual report. 212,841,731,754 common shares 186,202,385,151 preferred shares Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Accelerated filer Non-accelerated filer Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: US GAAP International Financial Reporting Standards as Other issued by the International Accounting Standards Board If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow. Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No BANCO SANTANDER (BRASIL) S.A. TABLE OF CONTENTS Page PRESENTATION OF FINANCIAL AND OTHER INFORMATION ........................................................................1 FORWARD-LOOKING STATEMENTS.....................................................................................................................2 PART I ..........................................................................................................................................................................3 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS............................................3 A. Directors and Senior Management ..................................................................................................................3 B. Advisers...........................................................................................................................................................3 C. Auditors...........................................................................................................................................................3 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE..............................................................................3 A. Offer Statistics.................................................................................................................................................3 B. Method and Expected Timetable.....................................................................................................................3 ITEM 3. KEY INFORMATION ..................................................................................................................................3 A. Selected Financial Data...................................................................................................................................3 B. Capitalization and indebtedness ....................................................................................................................10 C. Reasons for the offer and use of proceeds.....................................................................................................10 D. Risk Factors...................................................................................................................................................11 UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION...................................................18 ITEM 4. INFORMATION ON THE COMPANY .....................................................................................................22 A. History and development of the company.....................................................................................................22 B. Business Overview........................................................................................................................................28 C. Organizational structure ..............................................................................................................................103 D. Property, plant and equipment.....................................................................................................................104 ITEM 4A. UNRESOLVED STAFF COMMENTS..................................................................................................104 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS............................................................105 A. Operating Results ........................................................................................................................................105 B. Liquidity and Capital Resources .................................................................................................................141 C. Research and development, patents and licenses, etc..................................................................................144 D. Trend information .......................................................................................................................................144 E. Off-Balance Sheet Arrangements................................................................................................................145 F. Contractual Obligations...............................................................................................................................146 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES .............................................................146 A. Management................................................................................................................................................146 B. Compensation..............................................................................................................................................160 C. Board Practices............................................................................................................................................164 D. Employees ...................................................................................................................................................168 E. Share Ownership .........................................................................................................................................169 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS............................................170 A. Major shareholders......................................................................................................................................170 B. Related party transactions ...........................................................................................................................171 C. Interests of experts and counsel...................................................................................................................175