A former Brazilian finance minister and the current head of the nation's state economic and social development bank allegedly pressured big construction firms into making campaign donations for President Dilma Rousseff, a newspaper reported on Sunday. If it proves correct it would be the first concrete lead linking the Petrobras corruption with BNDES, long suspected by Brazilian prosecution.
Brazil's securities industry regulator accused the former board of state-run oil producer Petrobras of setting a fuel pricing policy that misguided investors and hurt the company.
The Brazilian state development bank BNDES is “overbooked” and needs the private sector to step up funding in investments, according to bank president Luciano Coutinho. Lending by BNDES and other public banks has increased six times faster than credit by non-state bank this year, as the government tries to fuel economic growth.
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.
Company inquiries about tapping Brazil's BNDES state development bank for loans is up 30% the past two months, a strong sign of potential growth in the near future for a sluggish economy, the bank's president revealed in the US.
The national bank for economic and social development, BNDES, Brazil's largest source of long-term credit for companies, is ready to disburse loans at a faster pace in the years ahead to prop the economy, the bank's top executive said on Monday.
Luciano Coutinho president of Brazil’s state development bank BNDES, said the country has benefited from the recent weakening of its currency and a further drop would be better, according to newspaper Folha de Sao Paulo.
Loan disbursements at Brazil's state development bank BNDES will miss their initial target for the year, reflecting a rapid economic slowdown in Latin America's largest economy, the lender's top executive said on Monday.
Brazil’ president of the Economic and Development Bank, BNDES, Luciano Coutinho said that the country’s investment rate in the coming four years will be equivalent to 23% of GDP, sufficient to ensure a sustained robust long term growth of Latin America’s largest economy.
Brazilian state-run development bank BNDES will receive at least 45 billion Real or 27 billion US dollars from the government to extend its program of low-cost loans for supporting company investments in capital goods, local media reported this week.