Karl Berger
Banco Santander Brasil SA
BSBR-N
COMMENT
Nov 19, 2010
Likes having exposure to Latin and middle America. This one is a good play, but not sure what their exposure is to Greece, Portugal or Ireland in terms of bond holdings.
Brazilian politics now European banks are moving higher and better to buy than this. Doesn't want Latin American exposure now given the politics in Brazil. In fact, sell and get out of Brazil.
The operating environment in Spain is supportive. A well-run, growth bank. Interest rates have bottomed and are moving up. Not banging the table on this, but he likes it long term.
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