BRAZIL HAS SOME of the most profitable banks in the world. Returns on equity regularly exceed 40%, and institutions such as Banco Itaú are often held up as models of professionalism and excellence.
As Brazil struggles out of its latest economic crisis, however, its banking system will have to change radically, and start making money in areas it has long neglected. What’s more, the biggest player in international banking, Citibank, could make its long-awaited move into the country at any time.
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