| SAO PAULO, Sept 30
SAO PAULO, Sept 30 Brazilian investment banker
Samuel Oliveira said on Friday he has left Banco Indusval &
Partners SA to set up a firm specializing in merger advisory,
the latest in a series of defections at bulge-bracket lenders
dealing with a harsh recession and tepid capital markets
Oliveira, who remained a partner at mid-sized lender and
advisory firm BI&P between 2013 and last month, will
set up the firm with two other bankers. The firm, which will be
named North Stone Participações, will focus on M&A, capital
markets and restructuring advisory, he said.
Oliveira said he would team up with Gilberto Faiwichow, a
former senior vice president at BP&I, who will be responsible
for an area that will manage client money, and Luiz Gustavo
Saito, a former managing director at Rothschild & Co, at North
"The retrenchment of some global banks in Brazil leaves
plenty of room for independent advisory shops," said Oliveira, a
50-year-old banker and former government official who had stints
with Credit Suisse Group AG and the predecessor of Grupo BTG
Growing caution among private-sector banks as Latin
America's largest economy completes two years of recession has
made it harder for hundreds of mid-sized companies to refinance
existing loans or obtain new ones.
They are reaching out to investment banks or advisory firms
to help them dispose of assets that could eventually help them
cut their debt.
Sectors in which debt refinancing problems have deepened
during the recession include sugar and ethanol, farming, oil and
gas and engineering. The reason to hire independent advisers
such as North Stone is that borrowers can avoid conflicts of
interest with lenders who are also acting as advisers.
Many seasoned dealmakers in Brazil left the likes of Goldman
Sachs Group Inc, Bank of America Merrill Lynch and Morgan
Stanley & Co to set up their own advisory firms, such as Olimpia
Partners and Volt Partners which were formed in 2010.
(Editing by Guillermo Parra-Bernal)