What is Banco Bradesco’s (BBD) Economic Moat, and is it Widening or Narrowing?

Banco Bradesco S.A. (NYSE:BBD) traded at around $4.34 on October 7, down 3.77% on the day, though still 41.38% higher over twelve months. The shares sit twenty-four cents below their 52-week high of $4.58. A Brazilian bank near a twelve-month high is a statement about interest rates before it is one about banking. READ ALSO: Costco (COST) vs Walmart (WMT): Which is a Better Stock to Buy?What is Banco Bradesco's (BBD) Economic Moat, and is it Widening or Narrowing? The Moat Is the Deposit Base and the Rulebook: Brazilian retail banking is concentrated among a handful of institutions, and that is partly by regulation. Capital requirements and licensing keep new entrants out of the branch network business almost entirely.