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Banking

JPMorgan’s new Brazil CEO is right at home

Daniel Darahem has returned from Asia to take the reins of JPMorgan’s Brazilian business. He predicts that the coming decade will witness transformation at a speed never seen before for both the bank and the country.

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Daniel Darahem believes he is in a good place. Brazil, he argues, is about to enjoy a benign external environment that will power economic growth for a decade or so.

The Brazilian markets have already sparked to life in 2021: international debt capital markets are “on fire” he says. JPMorgan led on Klabin’s successful sustainability-linked bond, which was first out of the gate for Brazilian issuers in 2021. Darahem is also very bullish on Brazil’s equity capital markets – his core expertise – in the coming years and he thinks M&A will rebound after a sluggish 2020.

And it’s clear he also thinks that JPMorgan is itself is well positioned. In a country with very strong local banks, it ranked fourth for investment banking revenues, according to Dealogic, with an 8.8% share (Bank of America, ranked second, was the only other international bank ahead of it.)

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JPMorgan has also grown other Brazilian businesses, some from scratch. Darahem reminds Euromoney of a conversation from 2010 when the bank was launching its corporate banking business. That’s now a strong revenue driver for the country and last year had its record year.


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