It currently offers wholesale banking services to the Brazilian market through its financial centers in New York, London and Hong Kong.
BBVA is developing its investment and wholesale banking structure in Brazil with the aim of being able to offer local capabilities in the first half of 2025, it announced today in a statement.
The bank currently offers corporate investment and wholesale banking (CIB) services to around 50 Brazilian companies such as Nexa, LD Celulosa, Eletrobrás, Randon and Embraer, among others, through its global financial centres such as New York, London and Hong Kong.
However, the bank already has an infrastructure in Brazil of about 40 people, including bankers and specialists in key areas such as finance, risk and legal.
It is led by a management committee made up primarily of local profiles with "extensive knowledge" of the Brazilian market.
In fact, the company highlights in a statement some of the new additions, such as Rodrigo Fittipaldi, head of FIG client coverage; Andre Ferrari, head of corporate clients and sustainability; Tiago Bento, financial director; and Jorge Bolla, head of Engineering.
However, over the next few months, the bank plans to increase its team to be able to serve some 250 companies and offer the possibility of carrying out operations locally.
The initial offering will focus on global markets and trade finance products, with a gradual expansion plan until 2028 that includes, among others, structured finance and transactional banking services. In fact, by the end of 2025, it plans to include derivatives.
The bank says its current strategy is to strengthen its business in Brazil and become a benchmark bank in Latin America, where it has a "solid and relevant" presence.
He also explains that the Brazilian market represents 50% of wholesale revenues in South America, with some 250 companies that invoice more than US$ 1 billion. 80% of BBVA's most important corporate clients already have a presence in Brazil, which represents "an opportunity" to expand the bank's offering.
