Foreigners' Modest Market Share

Foreigners' Modest Market Share

Brazil

As one would expect, some of the world's biggest financial firms - Citigroup and Bank of America of the US and London-based HSBC - have subsidiaries in Brazil. Citigroup first opened an office in Brazil in 1915 but HSBC only took the plunge in 1997, when it took over Banco Bamerindus, a bankrupt retail bank in the southern state of Paraná. Citigroup has a firm hold on the upper reaches of the corporate banking market in Brazil thanks to its decades-old relationships with the country's biggest domestic and foreign-owned firms, complemented with an investment banking arm, a treasury and cash management machine, and a big trading and derivatives presence. Its small retail net

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