Coping with Competition

Coping with Competition

M&A Loans Bonds

Investment banks have seen a profitable first half in LatAm with overall wallets swelling after a strong run in equity and bond offerings, as well as steady transaction flow for M&A and loans. But they are facing an increasingly uncertain environment going into the rest of 2011 as risk aversion spikes on worries about global growth and as fees shrink amid tougher competition in places like Brazil. Brazil is starting to lose some of its luster among banks that earlier rushed to establish beachheads in the region’s largest economy. Unsurprisingly, fees have shrunk in that country as more and more institutions compete for the same plain-vanilla business. Having a presence in Brazil may

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