Santander Chile says its strength has come from growing selectively and increasing sales without expanding the client base too much, so that it can control risk.
Category: Corporate & Sovereign Strategy
Posted inMagazine
Best Multilateral
Corporación Andina de Fomento (CAF) may be 40 this year, but it shows no signs of slowing.
Posted inMagazine
Best Investment Bank – Chile
Chile-based investment bank Celfín Capital has seized the boom in 2010 as an opportunity to push it into the big leagues.
Posted inMagazine
Central America: New Hopes for Integration
Crime and political rifts continue to block progress towards unity in Central America. Strides towards forging critical mass have been made, but full integration is lagging.
Posted inMagazine
Best Bank – Argentina
Santander Río’s strength in retail contributes significantly to it being the most profitable private financial institution in Argentina, says Guillermo Glattstein, strategic planning manager at the bank.
Posted inMagazine
Best Bank – Peru
In the April-June period, Banco de Crédito Del Peru (BCP) achieved some of its best quarterly results to date, supported by a strong reactivation of the Peruvian economy.
Posted inDaily Brief
Ausol Back to Single B
S&P has raised its ratings on Argentine road operator Autopistas del Sol (Ausol) to B minus from D following completion of its debt restructuring. Ausol finalized the agreement at the beginning of the month, getting 95.7% of creditors holding its $360m in debt to agree to extend maturities. “The debt restructuring combined with the approval for incremental tariffs during 2009-2010 has allowed a certain room for maneuvering,” S&P says, noting repayment ability through the next 3-4 years.
Posted inDaily Brief
MRV Gets Fitch Upgrade
Fitch has upgraded the local ratings of Brazilian homebuilder MRV Engenharia’s ratings to AA minus (bra) from A (bra). Fitch cites the company’s ability to maintain solid credit metrics following challenging macroeconomic conditions in 2009, a conservative financial strategy of having a strong liquidity position to support its business growth, and low leverage. Also factored into the rating is the strength of MRV’s business and the company’s efficiency in maintaining sustainable growth with high margins at its projects. As of June 30, cash and marketable securities amounted to BRL982m and total debt was BRL1.4bn. Leverage, measured by total debt/Ebitda, was 2.3x in the last 12 months ended June, while net debt/Ebitda ratio was 0.7x compared to 1.6x and 1.1x, respectively, in 2008.
Posted inDaily Brief
BTG Diversifies Into Mexico Research
BTG Pactual has hired Julio Zamora to run a fledgling Mexico equity research and strategy effort. Zamora was previously MD at Cadogan Management and worked in several buyside and sellside roles before that. He is expected to hire another research analyst and possibly support staff for sales and trading. Zamora will be based in New York and reports to Brazil-based research co-heads Rodrigo Goes and Gustavo Gattass. BTG has established itself as a major Brazil equity player and is now looking to build elsewhere in the region. It wants to establish a local presence in Colombia and Peru by early 2011, and Chile and Argentina are other possibilities for expansion, say senior bankers at the firm. BTG recently hired Rafael Shin to support Alonso Aramburu’s Andean and Southern Cone research coverage.
Posted inDaily Brief
Digicel Taps CEO for Honduras
Jamaica-based cell phone company Digicel says it has appointed Damian Blackburn as CEO of its Honduras operations. Blackburn, who had previously been regional CEO overseeing 12 Caribbean markets, joined Digicel 2.5 years ago. He replaces Ghada Gebara, who left the company after 5 years to pursue private projects.