Credit Suisse hires big guns for Brazil fight
Credit Suisse has hired several big guns in the battle for the banking market in Brazil. Chief among them is Ilan Goldfajn, ex president of the central bank of Brazil.
He officially became chairman of Credit Suisse Brazil on September 16, 2019; and in September this year he spoke to Euromoney about his new role and his views on the banking market that he was, until March 2019, responsible for overseeing.
Since the acquisition of local investment bank Garantia in 1998, Credit Suisse has had a strong investment banking platform in Brazil. It embedded wealth management within its investment banking strategy in 2006 through the acquisition of Hedging Griffo.
The combination worked and Credit Suisse led Brazil through the optimistic IPO wave of 2007. José Olympio Pereira, chief executive since 2012, was hailed locally as the ‘king of IPOs’ at the time and was credited with bringing more than 70 deals to market.
But in recent years Credit Suisse has faced a tougher challenge in Brazil. The local banks have successfully turned their corporate lending relationships into mandates, while the internationals have invested.