UPDATE 1-Brazil's Bradesco likely to use new central bank credit line-vp [Reuters]
Banco Bradesco Sa American Depositary Shares (each representing one Common Share) (BBDO)
US:NYSE Investor Relations:
bradescori.com.br/sitebradescori/default-en.aspx
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Source: Reuters
UPDATE 1-Brazil's Bradesco likely to use new central bank credit line-vp (Adds more execs comments) By Carolina Mandl SAO PAULO, April 13 (Reuters) - Brazil’s second largest private lender Banco Bradesco SA is likely to take advantage of a new central bank program to extend loans to banks using their credit portfolios as collateral, one of its vice presidents said in a call on Monday. The country’s Monetary Council cleared the way for the plan in April, saying it would allow banks in Brazil to issue 650 billion reais in new loans amid the coronavirus pandemic. Still, Cassiano Scarpelli said he was unsure Bradesco would issue the bank subordinated debt in an amount equivalent to its shareholders equity, the full amount permitted by the new regulation. Scarpelli said the new funding line was costlier than the rates Brazil’s biggest lenders pay on deposits, their main traditional funding source. The annual rate on the facility is equivalent to Brazil’s benchmark interest rate plus 0.6% p
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