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LATEST ARTICLES
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The Brazilian neobank is growing its number of clients faster than perhaps any financial institution on earth. Combine this with static unit costs and the operational leverage potential is big. CFO Guilherme Lago explains how its business model is now focused on the next five to 10 years as open banking generates unprecedented price transparency, customer portability and opportunity.
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XP has succeeded in Brazil by using its technological efficiencies to win on digital experience and price. But now the incumbents are catching up and XP chief executive Thiago Maffra is focusing on developing service beyond pure online delivery.
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The paradox of Itaú is that it has maintained its leadership of Brazil’s banking sector with an ease and assuredness in recent years that belies the radical and continual transformation going on under the surface. The bank’s CFO, Alexsandro Broedel, tells Euromoney that its management’s only real constant is to view every new player as an existential threat – and react accordingly.
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The leading neobanks in Brazil seem to have hit their stride in terms of profitability just as some of the traditional banks have stumbled. Are these firms the future of Brazilian banking?
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The Brazilian government’s changes to the laws governing its tax-exempt debentures have allayed financial market fears that president Lula intends to rely on BNDES to fund billions spending on infrastructure, crowding out private-sector finance.
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Chief executive Carlos Eduardo Guimarães says that he expects the bank’s return on equity to double to between 20% and 22% in the next two years.
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Banco Inter reported return on equity of 8.5% in the fourth quarter of 2023 but is now targeting a return on equity of 30% by 2028, CFO Santiago Stel tells Euromoney.
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Domestic companies launch banking-as-a-service models as the country's central bank creates space for new entrants.
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A recent rule change means that Brazilian banks will be able to use tax credits related to provision expenses sooner – and the impact could be material.
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Brazil’s banks have been talking a good game about capturing the outperformance of smaller, privately held companies in the country. Now a new banking advisory firm – packed with senior bankers – has made this segment its entire business strategy.
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A team of once-public sector bankers and officials is launching a new private equity fund that aims to identify ‘climate winners’ from the transition to a decarbonized economy. It has identified key industries but its central thesis is regulation.
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BR Partners grew steadily up until its successful IPO in 2021. However, tougher markets since that float have led to a period of relative consolidation. Will 2024 see a resumption of chief executive Ricardo Lacerda’s ambitious empire building?
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The appointment of Marcelo Noronha as chief executive of Bradesco should probably have taken place five years ago. Is he still the right man for the job?
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The bank must broaden its horizons if performance is to improve.
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The sovereign pushed hard on its first use-of-proceeds green bond, but a sustainability-linked bond was not seen as a practical option for now.
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Sector shows strong profit performance in the third quarter as asset quality improves.
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Private banking clients have begun exploring alternative asset allocation strategies in Brazil. Euromoney talks to the founders of a startup that is tapping into this demand with a strategy focused on special situations.
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Digital banks look to online games to help drive retention.
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It is rare that a popular, fast-growing and secure financial product is put at risk, but could the boom in FGTS loans in Brazil be under existential threat?
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Private bankers are eyeing PE and venture capital investments as digital platforms emerge in Brazil, but personal advisory remains critical.
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The Brazilian bank is focused on new initiatives aimed at boosting active-user rates, including a new global app and buy-now-pay-later product.
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Trade and currency wars have boosted Brazil’s agribusiness sector in the past couple of years. Higher prices for soft commodities have, however, accelerated a trend that has been noticeable for many years: the country’s inward focus.
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The evolution of Brazil’s central bank payments programme could be good news for banks.
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UBS’s acquisition of Credit Suisse will further reduce the number of large international private banks in Brazil. Julius Baer has been quick to take advantage of this.
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The country’s banking system seems as solid as ever, but its banks are seeing an uptick in delinquencies that could spin out of control.
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The echoes of 2014 have been loud in Brazil’s private banking industry over the past 12 months. A precipitous fall in interest rates – followed by a meteoric rise – has left the market completely the same but also very different.
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When the news broke that Argentina was thinking of merging its currency with that of its neighbour, Brazil, my immediate question was: which Argentine peso?
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The bank’s chief financial officer says Inter is moving into an expansion phase, following an ambitious and aspirational ‘north star’.
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The bank’s new head must withstand political pressure to extend subsidized credit and lower underwriting standards.
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The region’s advantage is likely to be short-lived and could fade by 2024, according to JPMorgan's private bank head.
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Local flows to fixed income and equity redemptions limit ECM liquidity.
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Proactive risk tightening in 2021 sees surging return on equity as scale brings operational leverage.
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The market reaction to the third-quarter results from Brazil’s second-largest private bank has revealed investor sensitivity to banks’ deteriorating asset quality.
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While fintechs have been thriving in Brazil and throughout Latin America, the region’s local stock exchanges have failed to attract IPOs.
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Brazil’s agribusiness sector is booming on the back of sky-high commodity prices. The public banks that have long financed the sector now face a wave of new private-sector competitors.
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The Brazilian world of digital banks has it all: billionaire unicorns, sub-brands created by the incumbents and completely new disruptors. But one player has been quietly growing under the radar to become the country’s second-largest digital player.
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The new administration is expected to be less receptive to bank privatization as the result boosts ‘Lula portfolio’ stocks.
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If Lula wins in Brazil, he is unlikely to focus on the strength of the private-sector banks because fintechs are doing that for him already.
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While the impact on energy is centre stage, the war in Ukraine is also wreaking havoc on soft commodity prices and trade routes. Trade in agricultural commodities is taking a hit. The pool of banks financing these commodities is already dwindling, while the risks for those that remain are growing.
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In its latest funding round, Brazilian-based Creditas proved that valuations for the stronger fintechs can buck the falling trend seen among the large, publicly listed startups.
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Banco do Brasil’s outstanding second quarter means that scrutiny will intensify at its domestic rival.
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The US bank has reorganized its Latam wealth management business to focus on faster growing countries, but home bias remains a tough instinct to overcome.
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Will higher rates today come at the price of more pain tomorrow?
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Campaigning for October’s presidential election has yet to officially start in Brazil, but it is expected to be bitter – and the risks of political fall out for Brazilian banks have already become all too clear.
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Latin America’s corporates are embracing sustainable local debt financing with enthusiasm. The region’s bankers are betting that it’s going to be as good for bookrunner fees as it promises to be for the environment.
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Eric Cardozo, co-founding partner, COO and CFO of Brazilian private banking boutique WHG, talks to Euromoney about quitting a mainstream firm in 2020 and why more private bankers in the country seem to be following suit.
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The pressure for a short-term boost to ROE might force Bradesco to re-evaluate its insurance portfolio.
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Plans to incentivize foreign capital aim to boost capacity, with a new internal ‘investment bank’ to drive growing pipeline.
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A combination of geographical position and commodity strength is working in the country’s favour.
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The rule change will be phased in, but shares in publicly listed fintechs dip.
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After the 2020 sale of its US bank, BBVA’s global ambitions in retail are alive and well. It has entered Brazil with digital bank Neon, ploughed more capital into UK app-based lender Atom Bank and launched in Italy in a way that presages branchless growth across the eurozone.
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Beny Podlubny, head of XP Private, talks to Euromoney about the metaverse, risk appetite, international expansion and why Brazilian clients like to keep things close to home.
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It took all of six days of the new year before the tone was set: XP Inc’s announcement of its acquisition of Banco Modal. The deal will need regulatory approval, but is being warmly endorsed by the target’s management and its minority shareholder, Credit Suisse.
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German lender renews focus on LatAm after 2015 withdrawal.
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The momentum behind the loss-making bank’s IPO had become unstoppable by year-end, even as the range was eventually cut. It now faces intense scrutiny as a public firm.
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The CEO and CFO aren’t about to abandon the physical in the chase for digital business.
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The recent appearance of a golden bull outside the São Paulo's B3 stock exchange was something of a red rag to the city’s populace.
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Banco Pan’s turnaround has taken another step forward with its acquisition of ecommerce platform Mosaico. Chief executive Carlos Eduardo Guimarães talks to Euromoney about the importance of growth with profitability.