Companies in this field require reliable and timely legal services, both for their operations and (if necessary) litigation.
Presentation made by the attorneys Iris Bennett, Partner of the US Law Firm Smith Pachter McWhorter PLC, and her associate Paulo Gusmão, together with André de Almeida and Leonardo B. Leite, partners of Almeida Advogados.
The financial industry brings together companies from various sectors, including banking, insurance, finance, credit cards, factoring, brokerage and securities. Despite this diversification, most financial services relate to banking.
The Brazilian banking system underwent a significant transformation in the latter half of the 1990s, including an across-the-board privatization of state banks, foreign capital increases and consolidation.
In a recent study by the SEAD Foundation, foreign banks now hold important market share in Brazil. A survey of 88 banks determined that forty-six were Brazilian private banks (52.3%), thirty-two were based outside of Brazil (36.4%), four had mixed domestic and foreign capital (4.5%) and six were public banks (6.8%). The study also showed that foreign banks’ assets were proportionally lower than their Brazilian counterparts. Market share for foreign banks and mixed banks stood at 23% and 0.9%, respectively, while domestic private and public banks accounted for 38.1% and 37.8%, respectively.
It is worth noting that Brazil pioneered banking technology over a short period of time, and as a result of significant investments. Both macroeconomic and monetary conditions contributed to this process.
As highly-regulated industries, banks and insurance companies understand the importance of reliable and prompt legal services, not only for compliance, but also for reducing contingent liabilities.
Almeida Advogados has extensive experience in representing domestic and international financial institutions, as well as insurance companies. We regularly assist clients with matters involving corporate finance, financial product structuring (leasing, investment funds and securitization, among others) and compliance with rules issued by the Central Bank of Brazil and by the Brazilian Securities and Exchange Commission.
Almeida Advogados also assists financial institutions and insurance companies with claims presented and credit recovery measures. The firm also works closely with domestic and international insurance companies on not only incorporation but also regulatory matters and monitoring of claims.