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Expanding Latin American gym chain SmartFit files for IPO
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Cuatro historias de éxito impulsadas por el programa de microcréditos de Banco Santander en Brasil
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“T
HE DISTINCTIVE function of the banker ‘begins as soon as he uses the money of others’; as long as he uses his own money he is only a capitalist,” wrote Walter Bagehot in 1873, quoting Ricardo. This distinction may seem outdated. Institutional investors (hedge funds, mutual funds, pension funds, private equity) all use other people’s money. Yet Ricardo’s point matters.
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Modern institutions are the interface between individuals and their capital. Gains (or losses) are returned to individuals. By investing in this way, people typically deploy their own money, with the fund acting as a mere tool. Banks also use deposits, the money of others, to extend loans. But customers expect to get their deposits back in full: they do not expect to bear the bank’s loan losses in bad years, nor to reap greater rewards in good ones. It is the banks that take both losses and gains.
Brazil s five biggest banks maintained their positions as the largest lenders by assets in Latin America and the Caribbean, with one Chilean major making its way into the top ten, in part due to the Chilean peso s strong appreciation against the U.S. dollar through 2020.
Brazil s Itaú Unibanco Holding SA, Banco do Brasil SA, Banco Bradesco SA, Caixa Econômica Federal and Banco Santander (Brasil) SA, Mexico s Grupo Financiero BBVA Bancomer SA de CV and Colombia s Grupo Aval Acciones y Valores SA all retained the top seven spots on the latest edition of S&P Global Market Intelligence s regional bank rankings.
Mastercard (MA) Q1 2021 Earnings Call Transcript Motley Fool Transcribing © The Motley Fool Logo of jester cap with thought bubble.
Mastercard (NYSE: MA)
Thank you. Please go ahead.
Warren Kneeshaw
Head of Investor Relations
Thank you, Denise and good morning, everyone, and thank you for joining us for our first-quarter 2021 earnings call. We hope you re all safe and sound. With me today are Michael Miebach, our chief executive officer; and Sachin Mehra, our chief financial officer. Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session.
You can access our earnings release, supplemental performance data and the slide deck that accompany this call in the investor relations section of our website, mastercard.com. Additionally, the release was furnished with the SEC earlier this morning. Our comments today regarding our financial results will be on a non-GAAP currency-neutral ba
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