Error listing items in an array with foreach ()

If you really need the nested structure presented in the question, you can simplify it like this:

function BancoPorID($id){
   global $bancos;
   $key = array_search( $id, array_column( $bancos, 'code') );
   return $key !== false ? $bancos[$key]['name']:'Banco desconhecido';
}

See working on IDEONE with the same structure as your code.

Alternatively, if you can restructure the array , a simplification tip follows:

$bancos = array(
    '001' => 'Banco do Brasil'),
    '003' => 'Banco da Amazônia'),
    ... etc ...
    '757' => 'KEB'),
);

function BancoPorID($id){
   global $bancos;
   return isset( $bancos[$id] ) ? $bancos[$id] : 'Banco desconhecido';
}

An alternative:

function BancoPorID($code)
{
    global $bancos;
    foreach($bancos as $banco){
        if(isset($banco['code']) && $banco['code'] == $code){
            return $banco['name'];
        }
        continue;
    }
    return 'Desconhecido';
}

var_export(BancoPorID('001'));

With return within loop you can also end the cycle, and return what you want.

If the purpose is to return only the bank name, simplify as @Bacco mentioned in the second sample example would be enough.

SOLUTION

I was able to sort by setting the variable $bancos to global out of the functions, before setting the value of the variable $bancos

<?php

global $bancos; //Isso que adicionei

$bancos = array(
    array('code' => '001', 'name' => 'Banco do Brasil'),
    array('code' => '003', 'name' => 'Banco da Amazônia'),
    array('code' => '004', 'name' => 'Banco do Nordeste'),
    array('code' => '021', 'name' => 'Banestes'),
    array('code' => '025', 'name' => 'Banco Alfa'),
    array('code' => '027', 'name' => 'Besc'),
    array('code' => '029', 'name' => 'Banerj'),
    array('code' => '031', 'name' => 'Banco Beg'),
    array('code' => '033', 'name' => 'Banco Santander Banespa'),
    array('code' => '036', 'name' => 'Banco Bem'),
    array('code' => '037', 'name' => 'Banpará'),
    array('code' => '038', 'name' => 'Banestado'),
    array('code' => '039', 'name' => 'BEP'),
    array('code' => '040', 'name' => 'Banco Cargill'),
    array('code' => '041', 'name' => 'Banrisul'),
    array('code' => '044', 'name' => 'BVA'),
    array('code' => '045', 'name' => 'Banco Opportunity'),
    array('code' => '047', 'name' => 'Banese'),
    array('code' => '062', 'name' => 'Hipercard'),
    array('code' => '063', 'name' => 'Ibibank'),
    array('code' => '065', 'name' => 'Lemon Bank'),
    array('code' => '066', 'name' => 'Banco Morgan Stanley Dean Witter'),
    array('code' => '069', 'name' => 'BPN Brasil'),
    array('code' => '070', 'name' => 'Banco de Brasília – BRB'),
    array('code' => '072', 'name' => 'Banco Rural'),
    array('code' => '073', 'name' => 'Banco Popular'),
    array('code' => '074', 'name' => 'Banco J. Safra'),
    array('code' => '075', 'name' => 'Banco CR2'),
    array('code' => '076', 'name' => 'Banco KDB'),
    array('code' => '096', 'name' => 'Banco BMF'),
    array('code' => '104', 'name' => 'Caixa Econômica Federal'),
    array('code' => '107', 'name' => 'Banco BBM'),
    array('code' => '116', 'name' => 'Banco Único'),
    array('code' => '151', 'name' => 'Nossa Caixa'),
    array('code' => '175', 'name' => 'Banco Finasa'),
    array('code' => '184', 'name' => 'Banco Itaú BBA'),
    array('code' => '204', 'name' => 'American Express Bank'),
    array('code' => '208', 'name' => 'Banco Pactual'),
    array('code' => '212', 'name' => 'Banco Matone'),
    array('code' => '213', 'name' => 'Banco Arbi'),
    array('code' => '214', 'name' => 'Banco Dibens'),
    array('code' => '217', 'name' => 'Banco Joh Deere'),
    array('code' => '218', 'name' => 'Banco Bonsucesso'),
    array('code' => '222', 'name' => 'Banco Calyon Brasil'),
    array('code' => '224', 'name' => 'Banco Fibra'),
    array('code' => '225', 'name' => 'Banco Brascan'),
    array('code' => '229', 'name' => 'Banco Cruzeiro'),
    array('code' => '230', 'name' => 'Unicard'),
    array('code' => '233', 'name' => 'Banco GE Capital'),
    array('code' => '237', 'name' => 'Bradesco'),
    array('code' => '241', 'name' => 'Banco Clássico'),
    array('code' => '243', 'name' => 'Banco Stock Máxima'),
    array('code' => '246', 'name' => 'Banco ABC Brasil'),
    array('code' => '248', 'name' => 'Banco Boavista Interatlântico'),
    array('code' => '249', 'name' => 'Investcred Unibanco'),
    array('code' => '250', 'name' => 'Banco Schahin'),
    array('code' => '252', 'name' => 'Fininvest'),
    array('code' => '254', 'name' => 'Paraná Banco'),
    array('code' => '263', 'name' => 'Banco Cacique'),
    array('code' => '265', 'name' => 'Banco Fator'),
    array('code' => '266', 'name' => 'Banco Cédula'),
    array('code' => '300', 'name' => 'Banco de la Nación Argentina'),
    array('code' => '318', 'name' => 'Banco BMG'),
    array('code' => '320', 'name' => 'Banco Industrial e Comercial'),
    array('code' => '356', 'name' => 'ABN Amro Real'),
    array('code' => '341', 'name' => 'Itau'),
    array('code' => '347', 'name' => 'Sudameris'),
    array('code' => '351', 'name' => 'Banco Santander'),
    array('code' => '353', 'name' => 'Banco Santander Brasil'),
    array('code' => '366', 'name' => 'Banco Societe Generale Brasil'),
    array('code' => '370', 'name' => 'Banco WestLB'),
    array('code' => '376', 'name' => 'JP Morgan'),
    array('code' => '389', 'name' => 'Banco Mercantil do Brasil'),
    array('code' => '394', 'name' => 'Banco Mercantil de Crédito'),
    array('code' => '399', 'name' => 'HSBC'),
    array('code' => '409', 'name' => 'Unibanco'),
    array('code' => '412', 'name' => 'Banco Capital'),
    array('code' => '422', 'name' => 'Banco Safra'),
    array('code' => '453', 'name' => 'Banco Rural'),
    array('code' => '456', 'name' => 'Banco Tokyo Mitsubishi UFJ'),
    array('code' => '464', 'name' => 'Banco Sumitomo Mitsui Brasileiro'),
    array('code' => '477', 'name' => 'Citibank'),
    array('code' => '479', 'name' => 'Itaubank (antigo Bank Boston)'),
    array('code' => '487', 'name' => 'Deutsche Bank'),
    array('code' => '488', 'name' => 'Banco Morgan Guaranty'),
    array('code' => '492', 'name' => 'Banco NMB Postbank'),
    array('code' => '494', 'name' => 'Banco la República Oriental del Uruguay'),
    array('code' => '495', 'name' => 'Banco La Provincia de Buenos Aires'),
    array('code' => '505', 'name' => 'Banco Credit Suisse'),
    array('code' => '600', 'name' => 'Banco Luso Brasileiro'),
    array('code' => '604', 'name' => 'Banco Industrial'),
    array('code' => '610', 'name' => 'Banco VR'),
    array('code' => '611', 'name' => 'Banco Paulista'),
    array('code' => '612', 'name' => 'Banco Guanabara'),
    array('code' => '613', 'name' => 'Banco Pecunia'),
    array('code' => '623', 'name' => 'Banco Panamericano'),
    array('code' => '626', 'name' => 'Banco Ficsa'),
    array('code' => '630', 'name' => 'Banco Intercap'),
    array('code' => '633', 'name' => 'Banco Rendimento'),
    array('code' => '634', 'name' => 'Banco Triângulo'),
    array('code' => '637', 'name' => 'Banco Sofisa'),
    array('code' => '638', 'name' => 'Banco Prosper'),
    array('code' => '643', 'name' => 'Banco Pine'),
    array('code' => '652', 'name' => 'Itaú Holding Financeira'),
    array('code' => '653', 'name' => 'Banco Indusval'),
    array('code' => '654', 'name' => 'Banco A.J. Renner'),
    array('code' => '655', 'name' => 'Banco Votorantim'),
    array('code' => '707', 'name' => 'Banco Daycoval'),
    array('code' => '719', 'name' => 'Banif'),
    array('code' => '721', 'name' => 'Banco Credibel'),
    array('code' => '734', 'name' => 'Banco Gerdau'),
    array('code' => '735', 'name' => 'Banco Pottencial'),
    array('code' => '738', 'name' => 'Banco Morada'),
    array('code' => '739', 'name' => 'Banco Galvão de Negócios'),
    array('code' => '740', 'name' => 'Banco Barclays'),
    array('code' => '741', 'name' => 'BRP'),
    array('code' => '743', 'name' => 'Banco Semear'),
    array('code' => '745', 'name' => 'Banco Citibank'),
    array('code' => '746', 'name' => 'Banco Modal'),
    array('code' => '747', 'name' => 'Banco Rabobank International'),
    array('code' => '748', 'name' => 'Banco Cooperativo Sicredi'),
    array('code' => '749', 'name' => 'Banco Simples'),
    array('code' => '751', 'name' => 'Dresdner Bank'),
    array('code' => '752', 'name' => 'BNP Paribas'),
    array('code' => '753', 'name' => 'Banco Comercial Uruguai'),
    array('code' => '755', 'name' => 'Banco Merrill Lynch'),
    array('code' => '756', 'name' => 'Banco Cooperativo do Brasil'),
    array('code' => '757', 'name' => 'KEB'),
);

function Bancos(){

global $bancos;

return $bancos;

}

function BancoPorID($id){

global $bancos;

   foreach($bancos as $banco){

        if($banco['code'] == $id){

            return $banco['name'];
        }
   }
}
?>