Latin American banks ‘weather storm’
Those considering buying property in Brazil could be interested to hear that the nation’s banks have weathered the global meltdown, it has been reported.
According to the Financial Times, because the region’s banks are paying the price for their own banking crises it enabled the institutions to avoid the global financial storm with "relative comfort".
"Bankers, financial analysts and government officials say domestic funding markets have for the most part continued to function, in spite of the dislocation in industrialised country markets," the publication noted.
The Brazil Magazine suggests that the region’s banks are proving to be "very resilient" to the global credit crunch because they curbed borrowing in dollars due to lessons learnt from previous downturns.
Meanwhile, the Brazil Arab News Agency reported this week that new Brazilian super-bank Itau-Unibanco has set its sights on the global market and aims to become one of the world’s major financial players.
