Banco do Brasil (BBAS3) has surpassed the R$10 billion mark in renegotiations for more than 1 million people under Desenrola Brasil, a project aimed at resolving bank debts in default.

The volume is unprecedented in the organisation’s history, considering previous actions, BB president Tarciana Medeiros told Estadão.

The Desenrola programme was launched around two months ago jointly by the federal government and Brazilian banks. The focus of the action is precisely to reintroduce people with credit restrictions into the economy. “Desenrola is a case of joint construction, of how public-private partnerships can work very well,” added BB’s president.

According to the bank, of the more than one million clients who have benefited, 40,000 have been micro and small companies and have already renegotiated approximately R$2.5 billion. The figures are equivalent to the Track 2 public, whose defaulted loans are being negotiated directly with the financial institutions under special conditions to be defined by each bank.

New phase of Desenrola

The banks are now preparing for the new phase of Desenrola, which is aimed at customers with debts of up to R$5,000. These loans will have more attractive conditions for renegotiation to be defined by the Programme’s rules and adopted by all the banks that have joined Desenrola.

In BB’s case, the conglomerate has offered discounts of up to 25% on renegotiation interest rates, up to 96% on debts and payment terms of up to 120 months for the publics selected for the Programme. It also made all its physical and virtual service channels available to customers interested in the initiative.

Original Story: Infomoney | Estadão Conteúdo 
Photo: Banco do Brasil website
Edition and translation: Prime Yield