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Hola Latin America

Banks fly south to build scale in emerging markets


By Jessica Papini

July 14, 2008

Deutsche Bank's chief executive, Josef Ackermann, flew to Peru last week and met with the nation's president, Alan Garcia, and its finance minister before unveiling the German banking giant's new office in the South American nation. It was the latest example of how major participants on Wall Street are building a presence in Latin America, drawn by the region's rapid economic growth that has been spurred, in part, by commodity markets.

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