Latin America Financials: Citi’s Daily Statement – 2026.08.11 - PICS new CFO; ANBIMA; Results: BPAC; CXSE; SUPV; CIB

Research evidence excerpt

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11 Aug 2026 07:17:57 ET │ 10 pages

Latin America Financials

Citi’s Daily Statement – 2026.08.11 - PICS new CFO; ANBIMA; Results:

BPAC; CXSE; SUPV; CIB

CITI'S TAKE

Daily report over key topics of LatAm financial companies under Citi’s

coverage.

Gustavo SchrodenAC

PicPay Appoints André Cazotto as Chief Financial Officer

PicPay announced André Cazotto as its new CFO, effective immediately, succeeding

Rodrigo Couto, who will remain as Special Advisor through the end of 2026. A former

Investor Relations, Strategy, and M&A executive at PicPay, Cazotto brings more than

20 years of experience in financial services and will lead the company’s finance

organization while continuing to oversee Investor Relations, Strategy, and M&A. The

company reaffirmed that the leadership transition will not affect its strategic

priorities or financial guidance.

Arnon Shirazi, CFA

Brian Flores, CFA

Banco BTG Pactual SA (BPAC11.SA) - Multiple engines sustaining ROE - 2Q26

Results

Citi's Take: Another quarter reinforcing BTG’s ability to compound earnings through

scale rather than market tailwinds. The key takeaway, in our view, is not the earnings

beat itself but the changing profit mix: IB continues to normalize from peak levels,

yet credit, funding and recurring fees are increasingly filling the gap, making

profitability structurally less dependent on capital markets cycles.

Caixa Seguridade Participacoes SA (CXSE3.SA) - Mortgage Execution Overshadows

Softer Credit-Life Dynamics - 2Q26 Results

Citi's Take: CXSE's 2Q results were partially anticipated by the June SUSEP data

released earlier today. We highlight the continued resilience of mortgage insurance

premiums, which accelerated versus the previous quarter despite a challenging

credit environment. On the other hand, we were somewhat disappointed by the

slowdown in home insurance growth and by the weak performance of credit-life

premiums, which declined 10% y/y, contrasting with BBSE's 5% y/y growth. Loss

ratios remained well controlled overall, although credit-life continued to show some

pressure, a trend also observed at BBSE.