Brazilian bank profits may fall after election

Brazilian bank profits may fall after election

Corporate & Sovereign Strategy Economy & Policy Brazil Capital Markets Loans Politics Fitch Ratings

Profits in Brazil's banking sector could decline in 2023 if state-run lenders are used to provide cheaper credit after the next president takes office in January, an executive from Bank of America said at a conference hosted by Fitch Ratings on Wednesday. "In Brazil, we have three large government banks, Banco do Brasil, Caixa Econômica Federal and the national development bank BNDES. Their CEOs are directly appointed by the president. Any change in the strategy of these government banks could b

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