Igor Cornelsen is a former Brazilian banker who is semi-retired, splitting his time between Brazil and South Florida. As he is passionate about investing and helping others reach financial success like he did, he owns and operates Bainbridge Investments, Inc., in South Florida. He likes to advise people on how to invest, as well as specifically how to invest in Brazil.
Before retiring from the banking industry in 2010, Igor Cornelsen was in the industry for four decades. His knowledge and success eventually led to him leading some of the biggest banks in Brazil. He was instrumental at one bank when the financial crisis of 2007-2008 hit, protecting the company and its client’s assets from the overall collapse.
As someone that was in the Brazilian banking industry for many years, Igor Cornelsen has written articles about how to do banking in that country. His first tip is that it’s very difficult to get a loan in the private sector unless you have the absolute best credit. People that fall short of that have to rely on the public banking sector, use cash, or drop their business plans altogether. He says this hurts overall economic conditions in the country and the Brazilian government needs to pass laws and regulations for market reforms as well as engage in fiscal austerity.
Another thing to know about Brazilian banks that there are only 10 main players even though it’s eighth largest economy in the world. The largest in the nation is Banco Itau with the other being banks like Citibank Brazil and Banco Bradesco. Whatever bank you do business with in Brazil, it’s going to be a very large bank.
When talking about Brazil, Cornelsen says that the economy in the country needs to be led by a fresh face. The plan that Guido Mantega came up with was completely unrealistic and was bound to fail. Igor is hoping that someone else, such as Joaquim Levy, can turn things around as he is a fiscal reformer who served at the International Monetary Fund. Of note, Cornelsen also says to pay attention to China as it’s Brazil’s largest trading partner.