HSBC Executives Get Leadership Roles at Bradesco Investment Bankby
Naigeborin to lead equity trading strategies at Brazil bank
Investment-banking team expands 20% with HSBC additions
Banco Bradesco SA, Brazil’s second-biggest bank by market value, named former executives of HSBC Holdings Plc’s local unit to new leadership positions as its acquisition of the business last month expands the investment-banking team 20 percent.
Ricardo Lanfranchi, former head of Brazil equity sales for HSBC, is now global head of equities and derivatives for institutional clients at Osasco-based Bradesco, according to Renato Ejnisman, head of Bradesco BBI, the company’s investment-banking arm. Renato Naigeborin, former head of equity trading at HSBC, will lead equity-trading strategies, a new business for Bradesco.
“We are gaining seniority with a lot of experienced executives coming to work for us from HSBC at a time most of our competitors are reducing headcount and cutting senior managers,” Ejnisman said in an interview. “That will help us gain market share.”
Bradesco said a year ago it would buy HSBC’s Brazil unit for $5.2 billion in a move aimed at narrowing its market-share gap with the nation’s three largest banks. It completed the acquisition in July. Bradesco BBI is the third-biggest investment bank in Brazil based on fees through July, up from No. 4 for the same period last year, according to London-based research firm Dealogic.
Lanfranchi’s and Naigeborin’s businesses will be run out of HSBC’s office on Faria Lima in Sao Paulo, the city’s main investment-banking neighborhood.
Leandro Miranda will remain head of Bradesco BBI’s investment-banking division, which includes merger advice and debt and equity underwriting. Miranda will move to Faria Lima along with his team.
Andre Brandao, who was chief executive officer of HSBC Brazil, and Alexandre de Barros Guiao, who led global banking at HSBC in Brazil, are staying at the London-based bank in other roles, two people familiar with the matter said, asking not to be identified discussing personnel matters.
Dan Altman, hired a year ago by Bradesco after working with Guggenheim Global Trading LLC, was promoted to head of research for Bradesco BBI and will, along with Lanfranchi and Naigeborin, report to Juan Briano, who was promoted to head of global markets. Briano and Altman are based in New York.
Anibal Santos will remain head of the retail brokerage. Santos, Miranda and Briano report to Ejnisman.
Gustavo Miwa, who was at Bradesco working in Sao Paulo as head of debt capital markets, will move to New York to become head of international fixed-income sales and syndication, reporting to Briano. Rogerio Queiroz will continue as head of local fixed income.
Ejnisman said the additions from HSBC expanded the team by 20 percent, though he declined to provide figures.
Bradesco is also in the process of integrating the back-office team and systems of three local broker-dealers, one from HSBC and the two others it previously ran separately: Bradesco SA Corretora de Titulos e Valores Mobiliarios and Agora Corretora de Titulos e Valores Mobiliarios SA.
Bradesco, which bought Agora in 2008 for 830 million reais, will keep that brand, Ejnisman said.
“We have been investing heavily in our global markets activity even before the HSBC integration, and our teams have a lot of complementarity," he said, adding that Bradesco BBI’s research team is now covering the most important companies from all sectors in Latin America.
In the past year, Bradesco hired top analysts as competitors reduced their presence in Latin America, Ejnisman said. He cited Andre Carvalho, chief strategist for Latin America, Francisco Navarrete, analyst for power and utilities, Filipe Gouveia, covering oil and gas, and Thiago Lofiego, on metals and mining.
Bradesco BBI also hired about 10 equity and derivatives trading and sales executives who worked previously at Deutsche Bank AG, BTG Pactual Group, UBS Group AG and Goldman Sachs Group Inc.
“Our goal is to give more intelligence about Brazil to our international clients, so we are creating an area called ‘corporate access’ that will provide direct contact with Brazilian companies’ top managers,” he said. Another area called ‘electronic client services’ provides solutions to investors such as high-frequency traders, he said.
“We think Brazilian markets have good potential to post strong growth once uncertainties decline, which may happen in the very short term,” Ejnisman said. “When that happens we will have the perfect structure and team to take a dominant position.”