BATTLE FOR CORPORATE CLIENTS
Bank of America grows Brazil market share as rivals retreat
The US firm turns in its best showing ever in the South American nation
Sao Paulo — Bank of America (BofA) is emerging as a winner in the fight for corporate clients and investment-banking fees in Brazil as some of its competitors retreat. The US firm turned in its best showing ever in 2016 in the South American nation, raking in more fees from merger-and-acquisition advising and debt and equity underwriting than any company except Banco Itau BBA, according to Dealogic, the London-based research company. That second-place ranking was up from fourth in 2015, the data show. The gains came as the bank also signed up new clients for its global transaction-services business, which includes cash management, payment and treasury services, according to Rodrigo Xavier, CEO for Brazil. After a record year in derivatives and hedging in 2015, the business grew more than 40% in 2016, Xavier said. "We had the best year in our history in Brazil," he said. "Other banks became much more cautious, while we didn’t cut our team, didn’t stop lending, didn’t reduce or sell a...
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