Amid all the noise and speculation surrounding Barclays’ bid for ABN Amro, one name has been noticeably absent: Banco Real. That’s odd.
Banco Real is in many ways the jewel in ABN Amro’s crown. It single-handedly accounted for more than 70% of ABN Amro’s income growth in 2006, contributing €3.7 billion to the Dutch bank’s bottom line. And the Brazilian outfit is also the only retail bank in the ABN Amro stable that is located in a fast-growing market.
Of course, ABN Amro hardly springs to mind as a big player in emerging market retail banking, and neither does Barclays. For that reason, the takeover speculation that has surrounded Banco Real...
