Caixa Econômica Federal plans to launch a major debt-restructuring program to support clients with unresolved debts, Valor Econômico reported, citing CEO Pedro Guimarães.
According to the executive, the lender will offer discounts of between 40% and 90% to the indebted clients. Guimarães said the bank aims to recover 1 billion Brazilian reais through the program, a fraction of the 4 billion reais that the clients owe the lender. The loans to be renegotiated under the program have already been accounted for as impairments.
The executive estimates that about 300,000 small and midsize enterprises and 2.8 million individuals can benefit from the initiative.
Guimarães also said the lender is looking into offering real estate financing at revised rates as corrected by the IPCA. The plan could help expand the bank's credit portfolio by 10 billion reais.
As of May 21, US$1 was equivalent to 4.06 Brazilian reais.