Brazilian investment bank BTG Pactual will likely be the first company to test the appetite for share offers in Brazil in 2012, the latest symbol of the strength and versatility of Brazilian banks.

The Brazilian investment bank market is riding Brazil's growth, the crisis in Europe and difficulties faced by banks in the US BTG is considered to be among the top three investment banks in Brazil, alongside one local rival, Banco Itau BBA, and one foreigner, Credit Suisse.