Rogerio Jelmayer – The Wall Street Journal, 8/19/2015
Brazil’s government will use state-run banks to help out local industries that are suffering because of the country’s poor economy.
Banco do Brasil SA and Caixa Economica Federal, both state-controlled banks, will provide credit lines with lower interest rates for certain industries, mainly auto makers, the lenders said Wednesday.
Banco do Brasil will offer a new credit line worth 9 billion reais ($2.6 billion) to various sectors of the economy, including 3.1 billion reais for the auto sector. The bank didn’t say what other sectors will benefit from the program.
Andressa Lelli, Filipe Pacheco, Paula Sambo – Bloomberg Business – 8/13/2015
Brazilian banks sent the Ibovespa to the biggest slide in the world after Banco do Brasil SA joined Itau Unibanco Holding SA in allocating more money for soured loans. The real approached the lowest level in 12 years.
Financial shares in the MSCI Brazil Index sank to a six-year low on speculation other lenders will be forced to bolster so-called provisions. The stock benchmark dropped for a third day, while the real extended this year’s plunge to 24 percent. Swap rates, a gauge of expectations for borrowing costs, rose.
Lenders have suffered from a slowdown in consumer purchases as financing gets more expensive with interest rates at a nine-year high. The selloff in banks has intensified since May on concern that President Dilma Rousseff’s decision to boost taxes on the industry’s profits will erode earnings.
Rogerio Jelmayer – The Wall Street Journal, 2/6/2014
Brazil’s government is set to name Paulo Rogerio Caffarelli as the No. 2 official at the Finance Ministry as it seeks to improve ties with the business community, according to a person with knowledge of government decisions.
Mr. Caffarelli is currently vice president at Latin America’s largest bank by assets, the government-run Banco do Brasil SA BBAS3.BR +2.13% . He has overseen the bank’s efforts to expand internationally and was also responsible for lending to medium-size and large corporate customers.
Finance Minister Guido Mantega and his team have come in for considerable criticism for their handling of the Brazilian economy, which is entering a fourth year of subpar growth. Inflation remains high and there are concerns that increases in government spending may undermine the country’s investment-grade credit rating.
Julia Leite – Bloomberg, 11/22/2013
The Ibovespa fell for a third straight day, with Banco do Brasil SA leading banks lower, on concern Brazil’s economy remains stalled and amid speculation government deficits will lead to a reduced credit rating.
The MSCI Brazil/Financials Index declined the most among 10 industry groups while retailer Cia. Hering was the biggest loser among consumer stocks. OSX Brasil SA, the shipbuilder of former billionaire Eike Batista, rose after it notified its bond trustee that it will miss next month’s interest payment on $500 million of vessel-backed bonds.
The Ibovespa slipped 0.6 percent to 52,347.62 at 10:26 a.m. in Sao Paulo, extending its weekly drop to 2.1 percent. Fifty-four of its 72 member stocks retreated today as the median forecast of analysts surveyed by Bloomberg called for gross domestic product to expand 2.5 percent this year and next. The economy increased 0.9 percent last year, the worst performance since the 2009 financial crisis.
Dow Jones/Fox Business, 02/01/2012
A concerted cyberattack against Brazilian banks moved into its third day, with hackers on Wednesday crippling the website of Banco do Brasil SA (BBAS3.BR), Brazil’s largest bank.
Banco do Brasil appeared to be as powerless to prevent the hackers’ activities as Itau Unibanco Holding SA (ITUB, ITUB4.BR) was on Monday, and Banco Bradesco SA (BBD, BBDC4.BR) was on Tuesday.
“TANGO DOWN!” was the now familiar cry made by the hackers via their Twitter and Facebook accounts.
Karen Eeuwens – Bloomberg, 01/20/2012
Banco do Brasil SA, Banco Bradesco SA (BBDC4), Caixa Economica Federal (CEFN3) and Banco Santander SA (SAN) are in final negotiations to create a company to link together and operate their ATM machines, Valor Economico reported, citing unidentified people involved in the talks.
The banks also plan to generate income by loaning the ATMs to other financial institutions, according to the Sao Paulo- based newspaper.
The new company, which is expected to begin operations in the first half, will compete with Tecban SA, in which Banco do Brasil, Bradesco and Santander hold a stake, Valor said.