When Mauricio Macri won the last presidential election in 2015, the future for Argentina’s banks looked rosy: a spate of international debt and equity deals confirmed the optimism.
Country risk analysts are less than enthused by the weak economy and slow pace of reforms, as government policy provides more questions than answers.
Bradesco’s digital bank start-up has grown rapidly and is already looking to leave the bank’s existing corporate structure.
Success for pensions reform in the Congress – the long-held litmus test of Brazilian recovery – has buoyed asset prices and led to a flurry of activity.
The rapid fall in interest rates in Brazil, from a peak of 14.25% in 2016 to 6.5% in February 2018, created expectations among analysts that the biggest banks’ famously high net interest margin was finally about to be eroded.
The bank has retrenched, rebranded and grown since 2015.
BTG Pactual
Analysts are satisfied the borrower is performing favourably under the IMF’s careful watch.
Argentina’s politicians have played their cards for the coming presidential election – Cristina Kirchner surprised everyone by lining up behind Alberto Fernandez.
$2.5 billion deal makes bank more profitable and a purer ‘Latam’ play; CEO says still huge upside on valuations, and revenue growth to come.
HSBC wants to triple both onshore and offshore revenues, profits and ebitda in Brazil within five years.
