A potential default of sovereign bonds could trigger further U.S. dollar withdrawals while jeopardizing the quality of banks’ premium dollar loan book to exporting companies. With the May 8 deadline for debt talks just hours away, both Argentina’s government and bondholders still appear far from a deal. Banks in Latin America’s third largest economy are…
“We want your confidence back,” Pedro Guimarães told the investment community shortly after taking over as interim chairman at IRB-Brasil Resseguros SA. “We had a confidence crisis because of an information,” Guimarães, who is CEO at the state-owned Caixa Econômica Federal, said during a March 5 conference call. “We think the relationship with the market…
Avenida Paulista is a top tourist attraction in São Paulo, Brazil, with shops, restaurants, cultural and music venues lining the 2.7-kilometer road. It is also one of the country’s most over-branched areas. Over the years, retail banks have added a slew of branches along the avenue. Banco Bradesco SA and Itaú Unibanco Holding SA — Brazil’s the…
Less than a tenth of revenues generated by Argentine banks in 2018 came from lending activities, underscoring the dramatic shift financial institutions there have made to withstand ongoing economic volatility. While banks in the country overall posted solid profit increases for the year — even after accounting for Argentina’s 47.6% inflationary spike — a larger…