Euromoney, is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement
OPINION

Retail access trumps corporate in the new Brazil

Nubank’s acquisition of Easynvest this month is just one example of how the financial market in Brazil is developing at a dizzying speed.

Rob Dwyer Latin America COLUMN MAIN 1920px.jpg

Nubank’s Easynvest deal, adding 1.5 million clients to the digital bank’s 30 million customers, is an important development in the market, but there have been many others in recent weeks.

Bradesco has launched a payments app called Bitz, BTG Pactual has announced plans to launch a retail bank in 2021 and BR Partners is nearing its IPO. The digital bank Banco Inter followed up its recent equity deal by announcing it now has seven million customers.

Meanwhile, the central bank has given the green light for the investment banking tie-up between Banco do Brasil and UBS.

There is also a fast-paced game of musical chairs of teams and senior bankers within private banking. Banco do Brasil appointed Andre Brandao, head of global banking and markets for the Americas at HSBC in the country, as its new CEO.

Interest rates

In 2010, when I arrived in Brazil, it was much simpler. With high interest rates, the big banks were untouchable. Corporates needed to keep them close for that crucial credit access and investors simply bought simple treasury products – sometimes corporate risk.

The