HSBC Poaches from Citi Brazil

HSBC has extracted a trio of bankers from Citi to fill key positions in Brazil. Marcelo Marangon has been appointed head of global banking for Brazil at the European bank, which is heard looking to take advantage of the investment banking crisis to add LatAm talent. He was previously head of Citi’s Brazil corporate bank, as well as head of corporate finance at the US shop and LatAm head of asset based finance. Marangon joins HSBC in mid-November, reporting locally to Andre Brandao. Meanwhile, Alexandre Guiao will join HSBC late October as sector head for the diversified industries and consumer and retail groups, part of the bank’s Brazil global banking unit. Guiao was recently Citi’s head of corporate banking for industrials and agribusiness. He will report to Marangon locally. And Cesar Ming will join him at the same time to lead the financial institutions group. Ming was part of the FIG unit at Citi and will also report to Marangon. HSBC is heard looking to hire from other LatAm shops damaged by the subprime crisis.