As CEO Caffarelli targets private-sector levels of profitability, Brazil’s state-banking behemoth is aiming to improve capital and benefit from a better economy.

The new president of Brazil’s central bank has identified the large interest rate spread applied by banks on top of the base rate as an obstacle to economic growth. His plan to increase competition and reduce this ‘spread bancario’ is long overdue.

Santander Brasil lost out to rivals Itaú and Bradesco as other foreign banks put their businesses on the block. It might not be a bad thing. The bank is the momentum story in a tough market. But just how far can it grow?

The political class is tainted with corruption. What a time to introduce some big reforms.

High cost of credit in the ‘free market’ segments seen as economic impediment; president of BCB committed to lower costs and greater competition.

When Brazilian federal police knocked on the door of André Esteves’ Rio de Janeiro home on the morning of November 25, 2015, they were not only arresting one of the country’s most prominent bankers, they were also delivering a hammer blow to his bank, BTG Pactual. There followed a stress test that would threaten the collapse of the bank. Here’s the story of how the partners forged a business model for BTG in the glare of public scrutiny.

How many firms would survive the detention of the founder, dominant partner and largest shareholder? There is a lesson for others in that.

The hoped-for flows onshore from last year’s amnesty on offshore wealth have failed to materialise, so far. Meanwhile, Citi and HSBC have sold up. So where did a 15% increase in assets under management come from?

Amnesty has been a big fiscal bonus for government in 2016; large inflows have been counterintuitively a net-negative for local AUM.

Regulatory reforms negative for non-bank financials; banks’ NPLs could get a boost through reform of FGTS.

BTG Pactual launches online-only investment platform; Banco do Brasil shedding jobs as it pushes digital.

New management aims to rebuild core equity; attractive valuation if it avoids equity issuance.

Revenues still depressed by poor ECM; DCM and M&A resilient but at low levels.

Brazil’s economy leads the world in high interest rates. It is a blessing for banks but a burden on the economy – draining resources away from both new investment and consumption. Will new credit platforms finally jolt the established banks into a competitive response where previous strategies have failed?

Sale of JV stake will boost capital ratios but adds strategic uncertainty, while the acquisition further strengthens Brazil’s largest private bank.

Exchange already ‘toppish’, valuations suggest; Bovespa argues internationalisation adds differentiation.

Citi exit increases concentration; lack of competition ‘causing economic damage’.

Brazil’s central bank chief has missed a great opportunity to address its uncompetitive banking sector.

New regulation in the pipeline to cover fintech companies; large banks wary of cannibalisation of revenues.

Since demutualization, Brazil’s stock exchange, the BM&F Bovespa, has become hugely profitable and powerful but the majority of its brokers are struggling for survival. Doubts remain as to whether their mutual interests can be realigned but there is little sympathy for the brokers.

Best global performers so far this year; Rally technical; fundamentals remain poor.

The downturn in Brazil does not faze Ricardo Lacerda, founding partner of local investment bank BR Partners. Advisory remains the bedrock of his business, but political instability makes him think the next five years could undermine the last 20.

Brazil might develop a more mutually beneficial equities market, but history suggests it won’t.

Petrobras opens way for strong Brazilian pipeline; Argentina sovereign praised for helping deal flow.

Political risk no longer driving equity performance; privatizations on investors radar.

Markets rally on Rousseff’s woes; corporations pressure politicians.

Argentina and Brazil are heading in opposite directions.

Every cloud has a silver lining, and private equity firms are pretty good at finding them. Is that why they are now targeting crisis-hit Brazil? Have they learnt from their poor recent performance?

Country risk scores for many of the large emerging markets (EMs) continued to fall in the first months of the year. Risk scores have now reached levels that do not preclude another global shock if China hits the skids.

Cheapest access to dollars: politics helps mask economic realities.