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Report: Sete Brasil responsible for 836M Brazilian reais provision at Banco Bradesco

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Report: Sete Brasil responsible for 836M Brazilian reais provision at Banco Bradesco

Banco BradescoSA booked 836 million Brazilian reais in provisions to cover badloans to oil rig producer Sete Brasil Participacoes SA, Bloomberg News reportedApril 28, citing "a person familiar with the matter."

Although the bank disclosed the specific amount in itsfirst-quarterearnings release, it did not specify the client. The amount suggests thatBrazil's problems are now affecting its banks, according to the report. BancoBradesco noted that it may need to raise provisions in the future, Bloombergadded.

As of April 28, US$1was equivalent to 3.48 Brazilian reais.