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Russia, India and China) and we are currently seeing a resurgence of interest from investors
worldwide in emerging markets. Within this context, Brazil is one of the most profitable markets
and where we see some of the biggest opportunities. Brazilian demographics are very positive:
A large percentage of the population is well educated, there is a young and growing consumer
sector; the country has stable financial markets at a highly respected central bank with a well
supervised monetary policy. Brazil has stable political institutions and an increasingly diversified
economy. And, one of the most enthusiastic areas in Brazil, is the incredible private sector. Not
only does it encompass very successful and wellmanaged conglomerates in leading industries
but it also includes a very agile sector with small and mid range capitalization. All of this
guarantees that, year after year, Brazil will see growing direct foreign investment in every
industry.
We are optimistic about the region as a whole, and contrary to some of our competitors from
the investment banking area, we have specifically committed to a business plan which is a
strategy for the whole of Latin America and does not focus solely on Brazil. We believe that the
strength and sustainability of our Latin American businesses will depend to a great extent on
pursuing a business model which is increasingly diversified through all types of assets and
industries, all financial markets and a wide range of Latin American countries. We have been
present in other parts of the region for several decades, and although Brazil has always been the
country making the greatest contribution to our Latin American revenues, we also see excellent
growth potential in other countries. It is important to recognize that in order to provide the best
possible services to Brazilian investors and companies, an investment bank cannot simply
establish itself in Brazil and ignore other regional countries. Businesses are becoming
increasingly global in every sector, and Brazilian clients -- investors and companies -- are
increasingly looking to opportunities that transcend borders, in other Latin American countries,
for investments as well as expansion opportunities. Merrill Lynch strategy is to be a global bank
which is also an important player on the main local markets. This strategy means that Merrill
Lynch can offer Brazilian clients the greatest possible access, which no other bank can, to all
business investment possibilities -- in Brazil, in Latin America and worldwide. We cannot do this
if we are centralized solely in Brazil, as many of our main competitors are.
Gazeta Mercantil - Has Brazils i vest e t-grade rating had any impact on Merrill Lynch
expansion plans in Brazil?
No. Our Brazilian and regional expansion plans have not changed at all since the new rating was
issued. The change in rating only confirmed what we have believed for many years, that Brazil
will become an investment-grade country and continue to present healthy growth. This is why
Merrill Lynch committed to Brazil for the long-term many years before Standard & Poor's raised
the cou trys rati g to i vest e t-grade.
A Merrill Lynch est sempre concentrada nas assim chamadas economias BRIC (grupo que inclui
o Brasil, Rssia, ndia e China) e estamos, atualmente, observando uma renovao do interesse
de investidores mundiais nos mercados emergentes. Neste contexto, o Brasil um dos mercados
mais rentveis e aonde vemos algumas das maiores oportunidades. A demografia brasileira
muito positiva: um grande percentual da populao tem um alto nvel de educao escolar,
assim como h um setor de consumo jovem e crescente; o Pas tem mercados financeiros
estveis em um banco central altamente respeitado, com uma poltica monetria bem
supervisionada. O Brasil tem instituies polticas estveis e uma economia cada vez mais
diversificada. Uma das reas mais ambiciosas no Brasil o inacreditvel setor privado. Ele no
apenas abrange conglomerados muito bem-sucedidos e bem gerenciados em indstrias lderes
de setor, como tambm inclui um setor muito gil, com pequenas e mdias empresas. Tudo isso
garante que, ano aps ano, o Brasil veja um crescimento em investimentos estrangeiros em cada
setor.
Gazeta Mercantil - A classificao do nvel de investimento do Brasil teve algum impacto nos
planos de expanso da Merrill Lynch no Brasil?
Traduo: Emanuel G.