With more cash, BTG will be able to continue its shopping spree without overstretch, applaudsCeres Lisboa of Moody s, a ratings agency. And Brazil could do with its own investment bank:global players such as UBS and Credit Suisse have been active there for some time but havepulled back because of the financial crisis. BTG has advantages right now, says Ms Lisboa, because it has Brazil expertise and a relative lack of global exposure.
评级机构穆迪投资者服务公司的克瑞斯里斯本看好百达的这次上市。他认为,拥有更多的现金后,百达便能轻松地继续它的狂欢式收购之旅。而且巴西也需要自己的投行:瑞银集团和瑞士信贷这样的全球性投行一度活跃于巴西市场,但金融危机后它们相继撤离。百达现在的处境非常有利里斯本说,它在巴西市场上有着丰富的经验,同时较少受到全球金融风险的影响。
Mr Esteves s story is not quite rags to riches but is still impressive. He joined Banco Pactualin 1989 as a systems analyst, worked his way to the top and sold the bank to UBS in 2006 for$3.1 billion. Three years later his new fund, BTG , bought it back from the cash-strappedSwiss bank for $2.5 billion. The Celfin deal implies a price many times thatand, according toS?o Paulo gossip, three times the bank s book value.
艾斯泰维斯并非白手起家,但他的成长经历仍然令人印象深刻。他在1989年加入Banco Pactual银行,成为一名计算机系统分析员,尔后一路升迁至公司最高层。2006年,他作价31亿美元将银行卖给了瑞银集团。三年后,他新成立的基金公司BTG又以25亿美元的对价将Banco Pactual从当时急缺资金的瑞银集团手中买了回来。圣保罗路边社传言,对Celfin的收购交易意味着百达的市净率高达3倍。
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