UPDATE 2-Brazil government, banks in talks about bailing out companies
APRIL 15, 2020 / 12:17 PM / UPDATED AN HOUR AGO
Marcela Ayres, Carolina Mandl
4 MIN READ
By Marcela Ayres and Carolina Mandl
BRASILIA/SAO PAULO, April 15 (Reuters) - Brazil’s Economy Ministry is talking with banks about providing bailouts to sectors such as airlines, automakers, power companies and large retailers to help them survive the coronavirus crisis, chief executives of Banco Bradesco SA and Banco Santander Brasil SA confirmed on Wednesday in live presentations.
Reuters reported earlier on Wednesday that Brazil’s biggest lenders - such as Banco Bradesco, Itau Unibanco Holding SA , Banco Santander Brasil and Banco do Brasil SA - have discussed with the country’s central bank and development bank BNDES how and which financial instruments could be used to rescue embattled companies.
“Talks among banks, BNDES and the Treasury have been very productive,” Santander Brasil CEO Sergio Rial said in a live presentation to discuss the impact of coronavirus on the economy, metioning sectors such as airlines, hotels and automakers.
In another live presentation, Bradesco CEO Octavio de Lazari said a bailout for the power sector is likely to be concluded over the next two weeks.
More:
https://www.reuters.com/article/health-coronavirus-brazil-banks/update-2-brazil-government-banks-in-talks-about-bailing-out-companies-idUSL2N2C31A2?rpc=401&
