Iñigo Vega

Iñigo Vega joined Jefferies in 2023, after spending the previous 10 years at Nau Securities, where he built full coverage of banks and Fintech in Latin America. Íñigo has over two decades of experience in covering both Latin American and Iberian banks for firms such as JP Morgan and Cheuvreux.

Jefferies Latin American equity research team is headed by Pedro Baptista who joined Jefferies in 2023 and is responsible for consumer and special situations (inc. Holding companies). The team also includes Alejandro Demichelis who also joined Jefferies in 2023 and is responsible for covering Latin American energy, infrastructure, and industrials and Alex Wright who joined Jefferies in 2023 and is responsible for covering Latin American Consumer and Telecom sectors. The analysts are also supported by associates Antonio Cardoso, Francisco Barbosa, who joined Jefferies at the beginning of 2025 and Diego Pereira joined as senior associate in Latin Financials team in the end of 2025.

Iñigo Vega key sectors and stocks under coverage include:

Financials Banks: Itau, Banco do Brasil, Bradesco, Credicorp, Banorte, Banco de Chile, Bancolombia, Regional, Santander Brasil, Santander Chile, IFS, Bladex
Financials non-Banks: Nu Holdings, Gentera, VEF

What we are known for:

• Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
• Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
• Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data
• Anti-consensual: We are comfortable taking anti-consensual views where we have high-conviction in research-led insights
• Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market
• Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities
• Special situations: Focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)