Monday , June 21 2021

Febraban will present the proposed Bolsonaro to a drop in interest

Tatiana Bautzer and Carolina Mandl and Rodrigo Campos, Reuters – The Brazilian Federation of Banks (Febraban) will present to the elected chairman Jair Bolsonaro when he will make proposals in January to lower interest rates on loans, Reuters CEO Octavio de Lazari told Reuters in an interview with Reuters.

Lazari said in an interview on Tuesday during an event organized by a bank in New York that Febraban's proposals would include a reformulation of bankruptcy law and the reduction of mandatory notary services that increase the cost of credit.

This step occurs when the central bank looks for ways to lower consumer interest rates, which average 260 percent per year for renewable credit lines, according to BC data. This is comparable to 6.5 percent of the national reference rate Selica.

Lazari said the bank expects the loan portfolio to grow at a faster pace in 2019 than this year because the Brazilian economy is accelerating. It is expected that the corporate loans portfolio will increase in 2011 by nearly 10 percent, and loans to individuals can grow even at higher rates – he said.

Bradesco expects to close 150 branches this year and another 150 branches next year, said Lazari.

Lazari said Bradesco is expecting his digital bank to reach a breakthrough in June. The only digital bank has 500,000 clients, representing a fraction of 24 million Bradesco account holders.

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