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Banestes to release 120M reais for mortgage lending

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Banestes to release 120M reais for mortgage lending

Banestes SA - Bancodo Estado do Espírito Santo will release 120 million Brazilian reaisfor mortgage lending in 2016, 25% more than the previous year, A Tribuna reported April 7, citing CEO GuilhermeDias.

In the fourth quarter of 2015, Banestes' mortgage lending operationsfinanced through savings deposits reportedly totaled 30.59 million reais, up from17.68 million reais in the year-ago period.

According to Dias, the bank aims to consolidate its presencein the mortgage lending market in the coming years, the publication noted.

As of April 7, US$1 wasequivalent to 3.70 Brazilian reais.