Brazilian banks: Santander/Real merger creates new battleground
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"It is very frustrating to see a country that has been the promised land for so long finally turn into it, and then you aren’t allowed to enjoy the moment" |
In the investment banking world, the flow of bankers around the market regularly hits the headlines. In contrast to the normal flow of talented bankers being lured over to foreign-owned banks, now talent is returning to the local banks as well. Alexandre Aoude, former head of Deutsche Bank in Brazil, is now head of structured products at Itaú BBA. "It is very frustrating to see a country that has been the promised land for so long finally turn into it, and then you aren’t allowed to enjoy the moment," says Aoude. "That is what I think many international bankers are feeling – it’s frustrating for all concerned. If your bank is associated with the global problems then you have little power to take part in the Brazilian growth. Such a big global credit crisis like this one makes its very hard for banks to justify making new investments in countries where the immediate contribution would be minor compared with the whole total."