The tables are starting to turn in the Brazilian banking market – for the first time foreign-owned banks have become acquisition targets for locals Itaú and Bradesco, valued at more than $60 billion each, which now dwarf the purchasing power of several of the international banks in the aftermath of the sub-prime crisis.
Fuelling this shift in banking power is the rumoured sale of Citi’s Brazilian retail franchise for about $20 billion. Despite the US bank’s excellent positioning in the market with the coming credit boom, Citi needs capital after vast sub-prime write-downs – in the second quarter alone the US bank recorded a $2.2
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