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Bank of America expects recovery of business in Brazil after a 60% retraction

By Cristiane Lucchesi

Bank of America, ranked No. 1 in Brazil in investment banking revenue, expects the business to recover after tumbling 60% so far this year.

"Despite the market being down, we remain optimistic looking ahead, mainly because there is the possibility of an interest rate cut in Brazil in the second half of this year that would probably stimulate business," Bruno Saraiva, Bank of America's (BofA) co-chief investment banker for Brazil, told Bloomberg News in an interview.

Revenue from mergers and acquisitions advisory and lead equity and bond issuance transactions fell to US$162 million in . . .

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