Brazil: Bradesco BBI aims to become regional investment bank
Miranda, head of BBI, says single country banks at a disadvantage; global trend to universal banks helping drive national and regional growth.
Bradesco BBI is aiming to become a regional investment bank in Latin America over the next couple of years, according to its managing director Leandro Miranda.
Miranda, who has headed Bradesco’s investment banking unit since late 2014, laid out the bank’s new expansion strategy exclusively to Euromoney.
Miranda says he expects to grow rapidly its offices in New York, Mexico City and Buenos Aires to become a truly regional investment and commercial banking platform.
Miranda says the decision to become a regional player solidified after BBI’s recent experiment of expanding its trading desks to cover other Latin American bonds.
“For the past five years we have had one of the largest trading desks in Brazil and we frequently got enquiries to trade Mexican, Argentine or Chilean bonds,” he says. “We had to say no, but then we decided to broaden into these products and the surprising thing was that our portion of these clients’ Brazilian business also increased.
“This is because these counterparties like to have a single bank of choice where they can concentrate their business.