Brazil’s largest state bank CEO quit on Thursday after crashing earlier this year with President Jair Bolsonaro over an austerity drive. Andre Brandao resigned as chief executive officer of Banco do Brasil SA, the nation’s second-biggest bank by assets, the company said in a regulatory filing.
UBS BB Investment Bank, a joint venture between UBS Group AG and Banco do Brasil SA for South America, reached a collaboration agreement with Argentina’s Banco Patagonia SA.
Brazil’s top four listed lenders are giving months-long extensions for consumers and companies to repay 235 billion reais (US$ 43.98 billion) in outstanding loans, a move to give financially squeezed borrowers a breathing room.
Brazil’s antitrust watchdog Cade is investigating four banks in the country for allegedly creating competition hurdles to digital banking newcomer Nubank, the watchdog said in a statement on Monday.
Brazilian conglomerate Odebrecht SA's will use part of a 2.6 billion reais (US$709.96 million) bank loan to repay a loan in arrears with state-controlled bank Banco do Brasil SA, according to sources quoted by Reuters. Under the terms of an agreement announced on Friday, the engineering group, at the center of a corruption scandal, will repay a 100 million reais debt to Banco do Brasil.
Moody's Investors Service lowered this week the long-term issuer ratings of Brazilian state banks BNDES and Caixa Econômica Federal, citing their eroding capital position after years of rapid credit expansion, but spared the also government controlled Banco do Brasil.