In a bid to increase its base of corporate clients in Brazil and neighboring countries, Goldman Sachs President and COO Gary Cohn said that it would respond to increased demand for corporate loans, advisory services and structure financing in the country. Brazil is Latin America's largest economy and it is expected to continue on its growth pattern.
The firm is projecting it would provide services to around 300 additional companies aside from the 100 currently in their portfolio. Goldman Sachs has, in the past year, doubled the capital base of its Brazilian unit and has been aggressive in its expansion programs in Brazil. The current capitalization is at US$400 million, it has also doubled its employee head count in the past two years.
According to Cohn, "We are very happy with our results in Brazil. We are more bullish on Brazil than many people out there. We have a multi-year plan to top build our Brazil business."
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