She knew the advantages of Brazilian banks well enough.

Ownership is in the hand of Brazilian banks and holding companies.

Brazilian banks want to cash in on the boom, too.

Under new regulations, virtually any Brazilian bank will be able to issue an import license, ideally within a week of application.

Brazilian banks have several partnerships in place in order to extend their coverage.

Still, this enabled it to continue growing while other Brazilian banks were getting smaller.

There were rumors about Brazilian banks that might fail, he said.

The rescue marks the third major bailout of a large Brazilian bank in less than a year.

Like other central banks, the Brazilian central bank is the principal monetary authority of the country.

"A Brazilian bank might do it, but then you can't clear the letter through New York."