As Brazil’s private banking market becomes more like the rest of the world, with greater product diversity and sophistication, the international banks sense an opportunity to take the competition to the locals. In recent years the Brazilians have used their presence and their nationality to win market share.
The internationals have succeeded to varying degrees – those that have been in the market for some time (Merrill Lynch withdrew from Brazil in 2012) have, in the main, flourished, with double-digit growth reported by all the banks spoken to by Euromoney for this article.
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