trending Market Intelligence /marketintelligence/en/news-insights/trending/MWzXemQeZpihsbDeyxKArQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Caixa to incur impact of 300M reais from FGTS, PIS-Pasep withdrawals

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive

South State CenterState MOE Shows Even The Strong Need Scale To Thrive

Talking Bank Stocks, Playing The M&A Trade With Longtime Investor

Report: Kashkari Says Fed In Holding Pattern But Rate Cut Still Possible


Caixa to incur impact of 300M reais from FGTS, PIS-Pasep withdrawals

Caixa Econômica Federal will incur a negative impact of about 300 million reais in annual revenues due to withdrawals from the FGTS workers' severance fund and PIS-Pasep employee funds, Diário Comércio Indústria e Serviços reported.

According to CEO Pedro Guimarães, the effect will be "very small" compared to Caixa's profit. The management of the FGTS fund only accounts for 1% of the bank's total revenues, Guimarães previously has said.

The federal government announced that it will free up 42 billion reais from the FGTS fund, of which 30 billion reais will be released this year, in an effort to boost still-slow economic growth. About 106 million Brazilians will have access to withdrawals from the FGTS and PIS-Pasep funds.

The FGTS withdrawals will begin on Sept. 13, according to a separate DCI report.

As of Aug. 2, US$1 was equivalent to 3.89 Brazilian reais.