Large banks in Latin America enjoy many benefits. Some, such as lower funding costs, are a natural result of their success. Others have tilted the playing field in their favour.
Their natural competitive advantages have been reinforced by regulations and market structure.
Regulators across the region are finally taking a hard look at some of these built-in privileges. Interestingly, this is happening just as a wave of digital competition seems to be reducing their impact.
Instead of competitors struggling to break through and having to lobbying regulators to reduce the large banks’ moats, they have simply gone the fintech route instead.
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