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12 May 2009
Standard Bank Expands in Brazil
Standard Bank is expanding its business in Brazil, betting on growth in Latin America's largest economy.
Standard Bank, Africa's biggest bank by assets, plans to hire up to five people for a new private equity team in Brazil, betting on growth in Latin America's largest economy, the bank's Brazil chief executive says.
Standard Bank will soon hire the head of private equity, who will bring a team of three or four people onboard, said Fabio Solferini. The bank has set aside $250m for the private equity unit, he said.
"Brazil is a target country for us and because of that, we are expanding the bank's entire platform," said Solferini.
"The country has a stable legal and economic framework and has a significant size and growth prospects."
Standard Bank earlier in the year hired Eduardo Centola, former co-head of Latin America investment banking at Goldman Sachs, as regional head for the Americas.
The bank has recently poached Pedro Marcilio, Cristina Bueno and Diogo Bassi from Goldman in Brazil, beefing up its investment banking team ahead of an expected rebound in deals next year.
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