Goldman to double capital of Brazil unit

Goldman Sachs: Investment bank ramping up Brazil footprint

News Wires

 02 October 2012 18:17 GMT

US investment bank Goldman Sachs will double the capital of its Brazilian unit to about $400 million to leverage growth in fast-growing activities such as structured finance and corporate lending, a source with knowledge of the decision told Reuters on Tuesday.

Goldman Sachs, which has expanded its workforce in Latin America's biggest country over the past two years to 300 from a little less than 150, is ramping up its capital base in Brazil as part of "an adjustment of strategy," said the source, who declined to be cited by name by the news wire.

The bank is seeking fast growth in Brazil, where demand for debt and hedging instruments has swelled as interest rates have fallen to all-time lows this year. Companies and investors are stepping up demand for corporate bonds, asset-backed…

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