Brazil

BEST BANK
Banco Itaú

BEST BOND HOUSE
Citigroup

BEST LOAN HOUSE
ABN Amro

BEST EQUITY HOUSE
CSFB

BEST M&A HOUSE
Goldman Sachs

Brazil is easily both the toughest and the most profitable banking market in Latin America. In 2004, both Banco Itaú and Banco Bradesco made more than $1 billion in profit, and Bradesco even beat Itaú in both the fourth quarter of 2004 and the first quarter of 2005.

Bradesco is the largest privately owned bank in Brazil, with some $70 billion in assets to Itaú’s $49 billion – so the fact that it can only barely make more money than Banco Itaú is an indication of Itaú’s continued efficiency and professionalism.