In brief
CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗ employees rejected the final offer and the national strike goes on, with the bank heading to arbitration.
Banco do Brasil closed a deal through 2028 and ended the stoppage in most of the country.
What we know
04Verified fact · material
CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗ employees rejected the bank's final offer to renew the collective agreement in assemblies closed on the night of September 11, with 68% voting against in the São Paulo bank workers' union base, and keep the open-ended national strike begun on September 10, per Agência Brasil, CNN Brasil and Gazeta do Povo.
Defines the strike's state.
Verified fact · material
At Banco do Brasil most bases approved the offer and worked normally on September 11, when the collective agreement was signed valid through 2028, with profit-sharing brought forward to September 16, R$ 360 million in employer contributions to Cassi and paternity leave extended from 20 to 35 days; the stoppage remains in 18 union bases, per Agência Brasil and CNN Brasil.
Inverts BBBanco do BrasilOrganizationBrazil's largest listed state bank, controlled by the federal government, with strong rural, payroll and wholesale lending.Open in the Market Map ↗'s state as narrated on 9/11.
Verified fact
The main obstacle is the Saúde CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗ plan: the offer set contributions of 2.3% to 4.1% of base salary, charges of R$ 480 to R$ 660 per dependant and an annual co-payment cap rising from R$ 3,600 to R$ 4,800 per family, with the bank raising its share from 6.5% to 8%, per Agência Brasil and Gazeta do Povo.
Content of the rejected offer.
Verified fact
CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗ is expected to withdraw the offer and file for collective arbitration, moving the dispute to the labour court, which the union calls risky; the bank says dialogue stays open, and on day one 245 of the 283 branches in the São Paulo region closed, per Gazeta do Povo, CNN Brasil and Agência Brasil.
Next step and reach.
Transmission to assets
Market read-through
For BBAS3Banco do BrasilOrganizationBrazil's largest listed state bank, controlled by the federal government, with strong rural, payroll and wholesale lending.Open in the Market Map ↗, the deal through 2028 fixes staff costs for two cycles and removes strike risk from the thesis; for CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗, arbitration prolongs the stoppage for weeks and affects benefit payments, FGTS and Minha Casa Minha Vida origination, with an indirect effect on the programme's homebuilders.
Portfolio impact
02A deal through 2028 fixes staff costs and ends the stoppage in most bases.
Removes a small operational risk.
What would change the view: Marginal effect; 18 bases remain on strike.
A strike prolonged by arbitration closes branches and delays benefits and housing.
Prolonged operational negative for the state bank.
What would change the view: A minimum-services injunction would limit the impact.
Direction is an explanatory hypothesis, not a forecast or recommendation.
Next signals
What to watch
- CaixaCaixa Econômica FederalOrganizationBrazil's largest public retail bank and the anchor of housing credit, with a mortgage book above R$ 1 trillion. Operating arm of directed-credit policies (FGTS, Minha Casa Minha Vida) and a candidate depositary in contested public contracts.Open in the Market Map ↗'s arbitration filing and a TST injunction on minimum services.
- BBBanco do BrasilOrganizationBrazil's largest listed state bank, controlled by the federal government, with strong rural, payroll and wholesale lending.Open in the Market Map ↗'s profit-sharing payment on 9/16 and adherence in the 18 remaining bases.
- Effect of the strike on FGTS withdrawals and MCMV contracting.
Limits of the reporting
What remains uncertain
- The 68% figure refers to the São Paulo base; other bases have no published percentage.
- Folha, g1, Poder360 and Estado de Minas are not directly accessible; confirmation relies on Agência Brasil, CNN and Gazeta do Povo.