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Santander Brasil garners US$150M loan from IFC

Banco Santander (Brasil) SA has obtained a US$150 million one-year loan, denominated in Brazilian reais, from the International Finance Corp. to boost lending to micro, small and medium-sized businesses, Valor Econômico reported Dec. 22.

Interest rates for the loan, which can be renewed twice, were not disclosed.

Santander Brasil can use the IFC funds to grant clients loans for up to 6 million reais each for a maximum term of one year.

As of September-end, Santander Brasil's portfolio for small and medium-sized companies grew 2.2% annually to 32.49 billion reais.

As of Dec. 21, US$1 was equivalent to 3.31 Brazilian reais.