Brazil's Investment Banks: BTG Pactual, Itaú BBA, XP, Bradesco BBI and Santander

Brazil has one of the deepest domestic investment banking markets in the emerging world. Large local houses compete head to head with Wall Street on M&A and capital markets, and most of them also run a private bank. That combination, the deal desk and the family office under one roof, is what makes the Brazilian model distinctive.

The scoreboard

Bain & Company estimated Brazilian M&A at about $51 billion in 2025, up 8%, with energy and renewables accounting for 53% of announced value. In Dealogic's full-year 2025 ranking of Latin American M&A advisers, JPMorgan was first with $20.3 billion across 21 deals. Santander followed with $19.1 billion on 49 deals and BTG Pactual with $18.5 billion on 45, then Citi and Bradesco BBI, fifth with $16.6 billion. ANBIMA, the local industry association, publishes its own rankings, which count deals differently.

The houses

• BTG Pactual: a partnership-driven investment bank that grew into a full financial group. In the second quarter of 2026 it reported revenue of R$10.4 billion and R$1.31 trillion in wealth under management, and said it ranked first in Brazil and Latin America by number and volume of M&A deals.
• Itaú BBA: the corporate and investment banking arm of Itaú Unibanco, sitting alongside Itaú Private.
• XP: built on independent investment advisers, now with an investment bank. In the second quarter of 2026 it reported R$1.535 trillion in client assets, about 4.77 million active clients and roughly 18,400 advisers.
• Bradesco BBI: the investment bank of Bradesco, active across M&A, equity and debt.
• Santander: the Brazilian arm of the Spanish group, combining a local franchise with a global corporate network.

In Brazil, the banker who sells your company is often a corridor away from the banker who will manage the proceeds.

How they reach wealthy families

The routes differ. Itaú and Bradesco draw on huge retail and corporate bases, with dedicated private banks on top; Itaú Private lowered its entry level to R$10 million, according to an interview with Bloomberg Línea. BTG grew its wealth arm alongside the investment bank. XP relies on a network of advisers. For an owner, the link matters: the bank advising on a sale is often pitching to manage the proceeds.

What to ask

• Which senior bankers will lead my deal, and which comparable Brazilian transactions have they closed?
• Is the advice separate from any pitch to manage my money afterwards?
• How does the bank handle conflicts if it also lends to or advises likely buyers?
• Is a local house, a global bank or a boutique better for a buyer from abroad?