Cash management in Brazil: Local knowledge bears fruit
Local banks like to see themselves as uniquely suited to offering cash management services to Brazilian companies. But the global banks are also getting up to speed on idiosyncratic client requirements and local regulation.
In Brazil the domestic banks are managing to convince companies that in the provision of cash management services being local is best. This year’s Euromoney cash management survey shows that the universal banking model has limited appeal. HSBC remains ranked second in Brazil (and third regionally) and Santander has improved to third from fifth – although as Santander has been focusing on presenting itself to the market as a local, Brazilian bank the gains made with Brazilian corporates are probably less about the Spanish-owned bank’s global network than its emphasis on its Brazilian presence.