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Goldman’s Bicudo, Pereira to Head Brazil Investment Bank

Goldman Sachs Group Inc. (GS)’s Fabio Bicudo and Antonio Pereira will become co-heads of the Brazil investment-banking business after Daniel Wainstein retired from the firm.

Bicudo and Pereira are currently co-chief operating officers of the business, the New York-based firm said today in internal memos. The contents of the memos were confirmed by a Goldman Sachs spokesman.

Goldman Sachs had been discussing the changes with Wainstein for the past several months, a person at the firm said yesterday, asking not to be identified because the decision hadn’t yet been announced. Wainstein, 42, and Andre Laport Ribeiro are Goldman Sachs’s only partners in Brazil.

Wainstein, who asked to leave after working at the firm since 2000, was appointed chairman of Brazil investment banking in April 2012, when Pereira and Bicudo were named co-COOs. The bank ranked sixth in equity underwriting in Brazil last year, with $732 million in transactions, data compiled by Bloomberg show. It was No. 8 among merger advisers with $14.3 billion in deals, the data show.

Bicudo and Pereira are members of the board of Goldman Sachs Bank in Brazil and serve on the company’s management committee for the country. Bicudo joined Goldman Sachs in 1999 and stayed until 2006. He came back to the company in 2010. Pereira joined the firm in 1996 in New York.

Paulo Leme

The company, which doesn’t disclose Brazil revenue or profit, named Paulo Leme as chairman for the country a year ago. Goldman Sachs has said its strategy in Brazil is to focus on complex products with higher profit margins, such as convertible debt and receivables securitization.

U.S. and international banks are competing against Brazil- based companies such as Bradesco BBI SA, Banco Itau BBA SA and Banco BTG Pactual SA, which have used their stronger local contacts to squeeze out foreign firms.

Goldman Sachs completed its strategy to become a full- service bank in Brazil in 2009, after two failed attempts to buy local firms. In 1998, Goldman Sachs tried to buy Banco de Investimentos Garantia SA, which was acquired by Credit Suisse Group AG.

Seven years later it sought to purchase Banco Pactual SA, an investment bank later acquired by UBS AG. Pactual was sold back to BTG Partners in 2009 and is now Banco BTG Pactual SA. BTG went public last year in a $1.94 billion initial offering that Goldman Sachs helped underwrite.

To contact the reporter on this story: Cristiane Lucchesi in Sao Paulo at clucchesi5@bloomberg.net

To contact the editor responsible for this story: Rick Green at rgreen18@bloomberg.net

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