Latin America and Caribbean

Sometimes we can’t see the trees for looking at the woods.

Have HSBC and Citi found a way to cut costs and maintain revenues in Latin America? If so, local banks will not accept that quietly.

Renegotiated and restructured debt lengthening NPL cycle; Bradesco and Santander to benefit most from better cost of risk.

Wave of IPOs could propel ‘mid-sized’ banks; HSBC emerging as a potentially serious player.

High-yield sovereign issuer sells a $2.75 billion century bond; bank valuations ‘hyped’ but room still seen to grow.

Brazil office opened in 2014 and has won several prestigious mandates; firm argues changes to bankruptcy code would boost M&A.

What gated communities can teach us about gaming the system.

The latest political scandal in Brazil spooked the markets, but didn’t bring them down. Why not?

The country’s biggest banks are working on the big data challenge. If successful, it could transform the industry and its performance. But quantifying the impact and differentiating between potential winners and losers is almost impossible.

Swiss bank buys Brazil’s biggest multi-family office; wealth management industry continues to grow fast despite economic turbulence.

Bernardo Parnes opens IB and wealth management boutique; consultancy aims to differentiate by seniority of advisers.

Miranda, head of BBI, says single country banks at a disadvantage; global trend to universal banks helping drive national and regional growth.

Sharp crash in bank shares was followed by marked recovery; risk of political stagnation could lead to larger, longer-term falls in sector.

Itaú buys XP to protect its market share; staggered deal offers XP a certain future away from IPO risks.

Private banks ahead of the curve in terms of provisioning; Banco do Brasil returns to double-digit ROE.

Credit Suisse switches to outperform rating; Santander expected to quickly close the profitability gap with its peers.

Airline IPO finally takes off on fourth attempt; optimism immediately tempered by renewed political risk.

The headline news in Brazil is always dramatic, often shocking, but never dull. Unlike its financial sector, which does little to excite international interest. Could that be about to change?

Recent IFC deal for Banco Daycoval outperformed initial expectations; IFC sees changing role in Brazil as interest rates fall.

Credit Suisse books Brazilian profits and switches to Malaysia; crowded trade hints at heated valuations.

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.