Bradesco -Brazil's second-largest private-sector bank- is betting that a jump in credit demand in the coming years will allow it to expand, but it has no immediate takeover plans, the bank's chief executive said in an interview.
The bank has opened an average 6,000 new accounts daily for low-income Brazilians this year and has about 5 million loan contracts that are each worth 500 reais (about $276) or less, the paper reported. Bradesco is counting on the 100 million Brazilians that will join the consumer market in the next 20 years to expand business, CEO Luiz Carlos Trabuco Cappi said.
Bradesco also has no plans for a venture with BTG Pactual, the Brazilian investment bank controlled by billionaire Andre Esteves, Valor said. Trabuco told Valor negotiations with BTG Pactual would not make sense given that Bradesco wants to increase its own investment banking unit.
Trabuco said billionaire Eike Batista showed an interest in buying a controlling stake in Bradespar (BRAP3.SA), Bradesco's holding company for non-financial assets that is a major shareholder of mining company Vale (VALE5.SA), Valor said.
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