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Fenaban seeks longer-term agreement as bank strike impact hits new record

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Fenaban seeks longer-term agreement as bank strike impact hits new record

In ongoing talks with labor unions that are on strike over wages,Brazilian banking federation Fenaban proposed a new salary agreements model to bevalid for two years instead of just one, national financial workers union Contraf-CUTsaid Sept. 27.

The proposal came after 22 days of strike that has now shuttered13,449 branches, or 57.5% the country's branch count, a record for the category in history in terms of closed branchesand duration, according to the union.

In 2015, the strike lasted 21 days and shuttered just over 50%of the country's bank branches until a dealwas reached that included a 10% salary increase for bank workers.

An agreement hasn't been reached so far as a divide between unionworkers and Fenaban over wage increases has yet to narrow. Workers are seeking a14.62% wage increase, among other benefits, while to-date Fenaban has only offereda 7% pay raise and a 3,300 Brazilian reais bonus.

Negotiations between the two sides will continue on Sept. 28.

As of Sept. 27, US$1 wasequivalent to 3.25 Brazilian reais.