Caixa will offer discounts on delinquent loans to raise up to R$4 billion

Brazilian state-owned bank Caixa Econômica Federal will offer indebted retail clients discounts on their delinquent loans, in an attempt to raise up to 4 billion reais ($990.52 million) for the lender’s coffers, CEO Pedro Guimarães announced.

As explained by the responsible, these loans had already been written off, so if successful this initiative would raise extra revenue. The move will allow Caixa to offer new products and services to clients after they pay off their loans.

According to Reuteurs, the discounts will range between 40% to 90%.

Original Story: Reuters | Marcela Ayres and Carolina Mandl
Photo:Rodrigo de Oliveira
Edition:Prime Yield