Even so, Paulo Ferraz, Bozano, Simonsen's chief executive, insists his group retains advantages lower costs as well as local contacts over foreignrivals in investment banking.
Foreign banks, which have steered clear of buying Japanese rivals for fear of taking over undisclosed debts, would be more willing to put new capital into the system.
There is ferment in U.S. academia over whether University Inc. is just one more fat, inefficient, overpriced sector waiting to be plucked by foreignrivals.