shifting substantial amounts of Latin American exposure from their home offices to affiliates in the region, international finance specialists say.

The shift is evident in statistics from the Federal Financial Institutions Examination Council: Claims at offices of U.S. banks in Latin America rose 6%, to $52 billion, during the first quarter. At the same time, direct cross-border lending to Latin America fell to $75.2 billion, from $75.6 billion.

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