Former President and Candidate Luiz Inácio Lula da Silva stated, in an event with businessmen, that the Bank of Brazil (BAAS3) “acts like a private bank” and needs to reduce the profit margin and be framed.
“We are going to take this issue of negotiating your debt very seriously and into account. O Bank of Brazil seems nice if it has government guidance. Because if you don’t have guidance, the bureaucracy of Bank of Brazil acts as a private bank. Think like a private bank. So we need to frame the Bank of Brazil”, he put.
According to him, the objective will be to make public banks become public banks.
“We don’t want public banks to have any losses, but we don’t want them to want to have the same profits as the private bank”, he argued.
For SquidO Bank of Brazil need to adapt to the social function of the BNDES to prioritize small business financing.
“They [os bancos públicos] have to provide a social function to that country. Likewise, the BNDES. You will have to stop making loans to large companies and will have to dedicate yourself to lending to small and medium-sized entrepreneurs,” she said.
The event had the participation of micro and small companies. Squid heard complaints about the degree of indebtedness – about 1 million micro and small entrepreneurs closed their doors during the pandemic, according to Sebrae data – and promised to make a “revolution in the sector”.
“We’re going to have to get serious about your debt negotiation,” he said.
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Market reaction
Leandro Petrokas, director of research at Quantzed, says that being a candidate who is well positioned in election polls, investors have understood that there is a risk for the company. Bank of Brazil.
At around 1 pm, time of the event, the shares fell, as shown in the chart below, and closed down 0.90%, against a high of 0.40% in the Itaú Unibanco and 0.15% of Bradesco.
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
