Citi Taps Brazil Banking Committee

Following the departure of Ricardo Lacerda, Citi’s head of Brazil investment banking, three of his deputies Fabio Bicudo, Otavio Guazzelli and Jairo Loureiro, will assume leadership of the Brazil banking business. That three MDs have been elevated to replace one senior banker reflects the fact that below Lacerda there wasn’t one banker in particular that was senior enough to assume the position on his or her own. It is seen by people close to the situation as a temporary solution while a clearer hierarchy is established. The three senior bankers will continue to provide client coverage for all investment banking products, including ECM, DCM and M&A in Brazil. Despite troubles at home in the US, Citi’s Brazil office has remained relatively busy, in particular in ECM. The shop has co-led Vale’s $1bn convertible offering last week, and is among the leads for follow-ons for Light, which priced last night, and Hypermarcas, set to price today. The local Brazil ECM business will continue to be headed by Persio Dangot, while Roberto Serwaczak heads all of equities for Brazil. LatAm ECM is headed by Juan Carlos George, in New York.