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Itaú to work with Brazilian government in improving card loans, prepayment rules

Itaú Unibanco Holding SA will work hand in hand with the Brazilian government to enhance credit card lending and receivable prepayment practices amid efforts to revive the economy and slash borrowing costs, Reuters reported, citing a statement from CEO Roberto Setubal.

The executive noted that the bank will also propose means that will reduce lending spreads as the government aims to boost credit.

Brazilian President Michel Temer revealed new economic measures in an effort to lead the country out of its worst recession in decades and provide steps to stimulate the economy.