Latin Finance - November/December 2012 - 61

2012
an additional 8.2% of its Brazilian unit, which could bring in about $2 billion. Struggles in the Brazilian new issuance market may have compelled the bank to wait. The outlook for Europe remains uncertain, but Santander has managed to boost its capital while still retaining a dominant hold on its successful operations. BBVA, already putting pension businesses up for sale, is expected to follow suit with a flotation of its Latin American business. LF ___________________________________ descended. No one can argue that all is well: on any day the wrong European headline can freeze up financial markets across the whole of Latin America. But at the same time, many financial institutions have become inured to global uncertainties and, armed with a belief in the region’s inherent stability, have pressed on regardless. This is the backdrop for multilateral lenders operating in Latin America: they must be ready to intervene in case of crisis, but also continue to find ways to facilitate the flow of capital – even in markets where prospects appear more favorable. Over the period from the second half of 2011 to the first half this year, the Inter-American Development Bank (IADB) has done both. The bank, led since 2005 by Luis Alberto Moreno, had approved $4.46 billion in the year to August 30, and has disbursed $3.67 billion in that period. Unsurprisingly, the IADB sees

billion by selling the bank to Chile’s Corpbanca – itself a growing regional player through Andean acquisitions. These transactions were followed this year by the much anticipated IPO of its Mexican unit, perhaps the most highly regarded of its Latin operations in an economy that has become an investor favorite. The $4.1 billion sale represents Mexico’s largest-ever IPO and analysts expect it to prove a boost for equity activity in the country. With investors putting in for more than three times demand, the issuer could have priced at the top of the range, but left some breathing room and came at the midpoint. The sale represents a 25% float, valued the bank at $17 billion, and stands out in what has been a poor year for ECM. The shares have gained more than 20% since the IPO as of late October. The asset sales should continue. An IPO for Santander Rio, the largest bank in Argentina, is reportedly also on the card. Santander has a shelf allowing it to sell

Best multilateral

Inter-American Development Bank

___________________________________

ypically, multilateral lenders come to the fore in moments of crisis and retreat from the spotlight once better times return. But this past year, a kind of limbo has

Soluciones de contraparte financiera KYC
Identifique, verifique y evalúe los riesgos de las relaciones de las contrapartes bancarias

Soluciones de pagos
Mejorar las tasas de procesamiento directo (STP) Facilitar el cumplimiento con las regulaciones SEPA

Soluciones de cumplimiento
Cumpla con reglamentaciones globales de PLD Con soluciones automáticas para PEP, listas de sanciones y EDD

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November/December 2012

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Latin Finance - November/December 2012

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