Research by Serasa Experian shows that Open Banking has the potential to include an additional 4.6 million Brazilians in the credit market and inject R$ 760 billion into the economy. According to the company, the combination of its Data It with resources of artificial intelligence and machine learning (machine learning) can favour the inclusion and make more assertive access to credit.

The survey, based on 15,000 queries, points to a 49% increase in the estimated monthly payment capacity of the population, from R$ 929 to R$ 1,391. “With the combination of information, it is possible to obtain an even more accurate score and better measure the probability of a consumer becoming delinquent,” says head of Open Banking at Serasa Experian, Leonardo Enrique.

One of the main beneficiaries are younger people. For people under 25, the increase in the average payment capacity is 95.9%, from R$540 to R$1,057. Regions where informality is higher, such as the North and Northeast regions, also tend to benefit from Open Banking, with, respectively, an increase of 80% and 57.9% in the average payment capacity.

Women tend to benefit more than men in terms of average payment capacity. For them, the expansion is 54.8%, while for men, it is 48.1%.

he chief economist at Serasa Experian, Luiz Rabi, says that granting credit can help people settle basic debts, such as water and electricity, especially in a challenging economic scenario like the current one. “The greater the supply of credit concession, the more positive it is for the economy, as it encourages the population’s consumption to rise. Part of the GDP is related to family consumption, so more credit volume destined to individuals increases purchasing power, that is, this has an indirect impact on the country’s economic growth.”

Currently, in parallel, phases 3 and 4 of Open Banking are taking place. The third phase, which runs until September, is being marked by the initiation of payment transactions and forwarding of credit proposals. The other stage, which runs from December to May, allows the sharing of information on investment, pension, insurance and foreign exchange products.

Original Story: Gazeta do Povo | Vandré Karmer| 
Photo: Photo by Bruno Neves on FreeImages
Translation and Edition: Prime Yield

Brazilian lender Banco Inter said it signed an agreement with Banco Mercantil to carry out assignment of claims operations.

In a securities filing, the bank said the agreement comprises the execution of credit assignment operations with a total volume of up to R$2 billion in an 18-month period.

Original Story: Reuters | Staff
Photo: Inter Bank Facebook
Edition: Prime Yield

Brazil recorded 65.2 million consumers in default in February, Serasa reported. This mark had not been reached since May 2020, at the beginning of the Covid-19 pandemic. These citizens have R$263.4 billion in negatived debts (in arrears).

In February alone, the number of defaulters rose 0.54%. Each Brazilian owes an average of R$4,042.08. The statistic is based on the fact that each Individual Taxpayer Registry (CPF) number has, on average, 3.4 active debts.

In relation to the profile of the defaulters, men represent 50.2% of the debtors, against 49.8% of women. In the age bracket, most are between 26 and 40 years old (35.3%), followed by 41 to 60 years old (34.9%).

The total number of consumers in default had been falling since April 2021, but has been rising steadily since October of last year. According to Serasa, the recent interest rate hikes, which make credit more expensive, and the still high unemployment are the main causes of the rise in delinquency.

The fall in the average income of the worker also affects the payment of debts. Even with the gradual recovery of the labour market in recent months, most people are finding jobs that pay less than the previous one, which increases the difficulty in paying off debts in arrears.

Among the types of defaulted debts in February, according to Serasa, 28.6% come from credit card debts. In second place are debts with household bills (water, electricity and gas), which account for 23.2%. In third place are spending on retail, which totalled 12.5%.

Original Story: Diário do Nordeste | Agência Brasil
Photo: Photo by Cesar Fermino on FreeImages
Translation and Edition: Prime Yield

Almost 8 out of 10 families in Brazil are in debt, whether they are in arrears or not. This is the highest proportion of indebted since the beginning of the Survey of Consumer Indebtedness and Delinquency (Peic), in 2010, according to the National Confederation of Trade of Goods, Services and Tourism (CNC).

The current rate of indebted families is 77.5%. In February, the percentage was 76.6%. In March last year, the rate was 67.3%, according to Peic.

According to the analysis, these figures point to the trend of increasing indebtedness, even though market interest rates are higher and make credit more expensive. According to recent data from the Central Bank (Bacen), average interest rates in credit lines with free resources to individuals increased from 39.4% in January 2021 to 46.3% in January 2022.

In a statement, the president of the CNC, José Roberto Tadros, says that the result of the survey reflects the pressure of inflation on budgets, even in the face of the increase in the basic interest rate, which would have the role of reducing the demand for credit. “This high, persistent and disseminated inflation keeps the need for credit high to recompose income, causing families to find third-party resources as a way to maintain their level of consumption,” he notes.

Original Story: Infomoney | Mariana Amaro
Photo: Photo by Afonso Lima on FreeImages
Translation and Edition: Prime Yield 

Brazilian investment bank Banco BTG Pactual SA announced it has agreed to acquire a controlling stake in bankrupted lender Banco Economico.

The move is part of BTG’s “special situations” strategy, which is focused on turnarounds by acquiring and recovering non-performing loans and alternative financial assets, it said in a securities filing.

Original Story: Reuters | Staff
Photo: BTG Pactual website
Edition: Prime Yield 

The government package that intends to inject up to R$165 billion in the Brazilian economy before the elections promises to be positive for banks and retailers, defend the analysts. Among the measures already announced are the anticipation of payment of the 13th salary for retirees and pensioners of Social Security and the possibility of drawing up to R$1,000  from Guarantee Fund of the Length of Service (FGTS), until December 15 this year.

For UBS, the Government stimulus should help reduce the volume of non-performing loans (NPL), improving the quality of the assets of financial institutions. “We see these measures as positive for the asset quality dynamics of Brazilian banks in the short term, as it helps postpone an expected increase in defaults,” wrote analysts Thiago Batista, Olavo Arthuzo and Kaio Prato.

These specialists point out that the deterioration in banks’ asset quality is currently the main issue raised by several investors and foresee that defaults tend to normalise during the year. UBS notes that the default rate had already ended Q4 2021 below the pre-Covid level of December 2019.

“The measures are particularly positive for banks with greater exposure to credit to households, especially consigned, and to low-income people,” the analysis says.

Original Story: Infomoney | Mitchel Diniz
Photo: Photo by Bruno Neves on FreeImages
Translation and edition: Prime-Yield

Prisma Capital Ltda., the alternative-asset manager created by former Banco BTG Pactual SA partners, is hunting for “complex situations” in Brazil to invest about $650 million raised for its third fund. “We have a flexible mandate that allows us to invest in a range of asset classes and securities, including private or public equities, credit, real estate, companies under bankruptcy protection and and claims,” Marcelo Hallack, a Prisma co-managing partner, said in an interview. “The dysfunctions present in Brazil’s political, legal and tax systems, which chronically result in macroeconomic volatility, also create investment opportunities”, he said.

Brazilian corporations are struggling to access capital amid a steep increase in the nation’s benchmark interest rate, which has soared to 10.75% from 2% a year ago. A virtual halt in economic activity and shrinking capital markets are adding to the pressure, as are Russia’s invasion of Ukraine and Brazil’s looming presidential election in October. Brazil’s economy is expected to grow just 0.5% his year, down from 4.6% in 2021, according to forecasts compiled by Bloomberg. During these kinds of economic cycles, banks typically become more cautious in providing credit, and that increases the demand for the kinds of capital solutions that Prisma can provide, said Lucas Canhoto, a co-managing partner of Sao Paulo-based Prisma.

Prisma has competition in its search for opportunities. Jive Investments, Brazil’s largest distressed-asset manager, plans to raise as much as 7 billion reais ($1.4 billion) for a new fund this year, Guilherme Ferreira, a Jive partner, said in an interview last year. And Mubadala Capital, Abu Dhabi’s sovereign wealth fund, said in February that it’s received commitments of $322 million for its Brazil Special Opportunities Fund I, its first in Brazil, according to a statement. Prisma can invest in any industry, and so far has chosen sectors including infrastructure, energy, real estate, telecommunications, oil, gas and technology. The firm’s funds also invest in legal claims and litigation finance.Prisma was founded in 2017 and has $2.3 billion in assets under management. About 70% comes from institutional offshore investors, including endowments, foundations and sovereign-wealth funds, and 30% is from Brazilian family offices.

Original Story: BloombergQuint| Cristiane Lucchesi 
Photo: Prisma Capital Linked IN
Edition: Prime Yield

The percentage of Brazilian families in debt or with overdue bills in February was reported at the highest level since March 2010, as per data published by the National Confederation of Trade of Goods, Services and Tourism (CNN).

“Reaching 27% of households, default in February was up 0.6 percentage points from January and 2.5% from February 2021. Those who declared not being able to pay their overdue bills or debts, thus remaining in default, also increased month on month, up 0.4 percentage points. The proportion reached 10.5%, the same as February last year”, the CNC stated.

Families who reported having debts due (like credit cards, overdrafts, personal loans, car and house payments) reached 76.6% in February. A year ago, the indebted added up to 66.7%, 9.9 percentage points below the current number.

Credit card

Credit card indebtedness showed the first shrinkage among indebted people since February 2021, but remains the main debt type of 86.5% of all indebted families. The indicator is 6.5 percentage points below February 2021 and also 7.9 percentage points higher than February 2020, before the Covid-19 pandemic crisis.More expensive credit in Brazil and the fragility detected in the labor market should continue to affect indebtedness dynamics and default among consumers, especially in a year with uncertainties brought about by the general elections».

Original Story: Agência Brasil| Agência Brasil 
Photo: Photo by Bruno Neves from FreeImages.com
Edition: Prime Yield

The Banco of Brasília (BRB) ended 2021 with a profit of R$608 billion, representing a 35.2% growth from the net results recorded a year before and reaching its best result ever.

In a statement, the banks explains that “the result reflects BRB’s expansionary strategy throughout the national territory, with an increase in its range of products and services and a diversification of its customer base”.

In 2021, the annualized return on average equity was 26.6%, above the market average. Revenues from services rendered increased by 15%.

“Even in an adverse context, marked by the worsening of the Covid-19 pandemic, BRB continued to act on the front line in the execution of public policies and granting credit to those who needed it most”, BRB’s president, Paulo Henrique Costa, says.

The bank ended 2021 with a costumer base of 3.5 million, compared with the 639,000 costumers from December 2018. Recently, in February 2022, the bank had already broke the 4 million costumer mark.

Its credit portfolio reached R$ 21.8 billion by the end of the Q4 2021, in an increase of 34.4% compared to the same period of 2020 and of 5.2% from the previous quarter.. The main highlight was real estate credit, whose balance reached R$ 4.5 billion, showing an annual growth of 81.9%. 

It’s nonperforming loans (NPL) rate stood at 2.47% by the end of the second semester of 2021, increasing by 0.79 percentage points from December 2020, due to an increase in operations with higher level of risk amid the bank’s credit portfolio.

Original Story: BRB|Press
Photo: Banco de Brasilia Facebook
Translation and Edition: Prime Yield

Brazilian state-controlled lender Banco do Brasil SA forecasts that its 2022 net income is likely to rise by up to 23.7% from last year, despite a slower loan book growth.

Banco do Brasil forecast a recurring net income, which excludes one-off items, between 23 billion reais ($4.4 billion) and 26 billion reais this year, compared to 21 billion reais in 2021.

The bank indicated it plans to weather Brazil’s dim growth outlook with good asset quality, higher net interest income, and sales of financial services.

Loan-loss provisions were estimated between 13 billion reais and 16 billion reais, versus 13.1 billion reais in 2021. Latin America’s biggest economy is likely to post little or no economic expansion this year, hurting consumers and companies.

Loan book growth is also expected to slow down to between 8% and 12%, compared to 19.1% last year, mainly driven by rural loans and consumer lending.

The bank, however, said it expects to post a 4% to 8% rise in fee income, similar to the latest forecasts from brick-and-mortar banks such as Itau Unibanco Holding SA and Banco Bradesco SA  week.  

Still, amid Brazil’s surging inflation, operating costs are likely to go up by a similar percentage rise. In 2021, Banco do Brasil was able to tame inflation and post a rise of only 1.4% in expenses.

Banco do Brasil posted a 60.5% jump in fourth-quarter recurring net income from a year earlier to 5.900 bln reais, beating an average analyst estimate compiled by Refinitiv of 4.810 billion reais.

Profit was mainly helped by loan-loss provisions of 3.790 billion reais, down 26.5% from a year earlier. Its 90-day loan default ratio stood at 1.75%, slightly down from the previous quarter.

Net interest income – a measure of earnings on loans minus deposit cost – rose 4.5% from a year earlier, to 14.801 billion reais.Its return on equity, a gauge of profitability, was 16.6%, up 2.3 percentage points from the previous quarter.

Original Story: Reuters| Carolina Mandl 
Photo: Banco do Brasil website
Edition: Prime Yield

The amount of outstanding loans in Brazil grew 1.9% in December from November to 4.684 trillion reais ($865.55 billion), ending last year with an increase of 16.5%, the central bank said.

A broad measure of Brazilian consumer and business default ratios came in at 3.1%, unchanged from the previous month.

Original Story: Reuters|Marcela Ayres 
Photo: Photo by Cesar Fermino in FreeImages
Edition: Prime Yield

Caixa Econômica Federal is warning real estate agents that its interest rate on credit with savings resources (SBPE) to finance the purchase of real estate will rise in February.

The lowest rate, charged to customers who have a relationship with the bank, the largest real estate lender in the country, will change from the current 8.3% per year to 8.7% per year, always plus the TR, as of February 1st, according to publicity material to which Reuters had access. The over-the-counter rate will be maintained at 8.99% pa

With the change, Caixa will start to practice a rate closer to that offered by its competitors in the private sector. Santander Brasil had from 9.99% per year, compared to 9.5% for Bradesco and 9.1% for Itaú Unibanco, all plus TR.

The move comes days after the chief executive of the state bank, Pedro Guimarães, predicted a 10% increase in lending for real estate purchases in 2022, in an interview with Reuters, claiming he has lower interest rates than most. of competitors.

In a note, Caixa stated that there will be an “adequacy in the conditions for the application of reducers… depending on the customer’s relationship with the bank” and that “it will continue to have the best interest rates on the market”.

Original Story:Pymnts.com| Yadunandan Singh
Photo: Rodrigo de oliveira
Edition: Prime Yield

Creditas, a Brazilian start-up specializing in insurance, consumer loans and used car sales, has raised $260 million in a funding round that valued the company at $4.8 billion.

As the Financial Times reported, this financing comes as investors continue to bet on the burgeoning FinTech sector in Latin America.

“We want to continue growing fast,” said Creditas Founder and CEO Sergio Furio. “And that means that we need to invest in bringing in customers, so that over time, those customers generate the revenues in the recurring model we have.”

The new funding came a little more than a year after Creditas gained unicorn status following a $255 million funding round that valued the firm at $1.75 billion.

Founded 10 years ago, Creditas employs more than 4,000 workers and offers services in Brazil and Mexico. Its six funding rounds have yielded a total equity of $829 million. The company accepts three types of collateral — homes, vehicles and salaries — but instead of holding loans on its balance sheet, its credit portfolio is securitized and sold.

Furio declined to comment when asked if his company was planning to go public.

Last year saw Latin America receive record levels of venture capitalist funding, with $9.4 billion being funneled into companies in that region, more than double the amount from 2020. Nearly 75% of that money went to FinTech, eCommerce and PropTech companies. VCs backed 650 deals last year, with 16 FinTechs achieving unicorn status.

Original Story: Pymnts.com| News 
Photo: Creditas website
Edition: Prime Yield

Brazilians have been facing difficulties to keep their bills on time and, in 12 months, doubled the number of late payments in the revolving credit card.

Data from the Central Bank shows that in November, 19.13% of customers who use the revolving credit card were behind on their payments between 15 and 90 days. The percentage is almost double that seen a year earlier, when it was 9.68%.

The revolving card is the part of the account that is not paid in the month and is pushed to the next invoice. With this surge in delays, the revolving already has the second highest rate of delays in the historical series – and only loses for May 2015, when 19.18% of customers were late.

Isabela Tavares, credit analyst at Tendências Consultoria, says that this phenomenon can be attributed to deteriorating economic conditions, especially the high inflation and weakness in the labour market.

She explains that, faced with financial difficulties, consumers take emergency credit and without improvement in income in the following months, begin to delay payments.

“The revolving credit is a modality of easy access and high interest. Normally, it is used in emergency situations. The use of this credit has grown in the last four or five months due to high inflation and pressure on income. And now the delays have started to appear,” she says.

In November, Brazilians had R$48.5 billion in debt on their credit cards. This is the highest amount in history. As Isabela Tavares explained, the demand for this emergency credit – just like overdrafts – grows in times of economic difficulty: In the average of the past 12 months, Brazilians took R$17.9 billion per month in overdrafts.

In other words, customers have pushed almost R$18 billion per month in debt to the next month’s bill in the hope that their financial situation will improve.

The problem is that this is the most expensive credit currently available in the financial system. On average, the interest on this operation was 346.1% per year in November – the most recent data from the Central Bank. This means that a R$1,000 debt becomes R$4,461 after 12 months.

With such high interest rates and no significant improvement in the job market or in income, delinquency – when the debt is more than 90 days past due – already reaches 33.29%.

In other words, a third of customers who use the revolving credit card end up defaulting on their loans. That, economists say, is behind the high interest on this operation.

Isabela Tavares notes that this worsening risk of default already influences the interest rates charged by banks. “The credit risk is already perceived and, since the 3rd quarter of 2021, it is possible to see an increase in margins on these operations. Banks are passing on the increased risk”.

Original Story: CNN Brazil|Fernando Nakagawa 
Photo: Photo by Lotus Head in FreeImages
Edition: Prime Yield

Brazilian savings accounts suffered their biggest outflow in five years in 2021, official figures showed, as financial conditions deteriorated for families and companies amid double-digit inflation and aggressive interest rate hikes.

Brazilians boosted their bank savings by a net 7.7 billion reais in December, the lowest figure for the month in six years.

That took the annual total to a 35.5 billion reais ($6.23 billion) outflow, the first negative number since 2016. The balance of savings accounts in Latin America’s largest economy ended the year at 1.03 trillion reais.

In contrast, savings accounts grew by a record 166.3 billion reais in 2020 as the government spent heavily to combat the effects of the COVID-19 pandemic, including via cash transfers to the poorest, a program that was substantially reduced in 2021.

Also, from March, an increase in the Selic benchmark interest rate amid rising inflation made savings rates less competitive compared to other fixed income investments.

The central bank more than quadrupled its benchmark rate last year to 9.25% from 2% and has already signalled another 150 basis point hike in February.

The annual rate of inflation in mid-December stood at 10.42%, far above the central bank’s year-end target for consumer price inflation of 3.75%. The central bank acknowledged inflation has proven to be more persistent than anticipated, stirred by surging fuel and energy prices.

Original Story: Reuters| Marcela Ayres 
Photo: Photo by Magda S in FreeImages
Edition: Prime Yield

Last May, the Central Bank recorded an accumulation of R$ 306.8 billion in agribusiness debts within the financial system. At the time, consultants’ surveys also showed an inventory of approximately R$ 600 billion with non-financial agents, such as trading companies and suppliers, maturing until February 2020.

These are the most updated figures known. But there is an unspecified amount of practically unrecoverable debts.

But considering the sector’s gains that have been accumulated for several harvests, especially among cereal producers, the reduction is felt among the agents that operate in the various credit recovery ends.

This is where NPL Brasil comes in, one of the main managers of nonperforming loans (NPLs) in the country, managing over R$ 5 billion of the defaulted (or non-performing) agribusiness portfolio. This still represents 80% of the total value of credits managed by NPL, but is falling.

“From January to August, the number of rural producers almost tripled,” says NPL CEO Christian Ramos, making reference to debtors’ demand to be able to save their financial situation with institutions and companies.

Basically, NPL, which qualifies itself as the largest independent manager in this niche business, buys the portfolios of the creditors and will seek the repactancing with the debtors.

According to the perspective of NPL’s CEO, the projections are for a 250% increase in agreements within the agribusiness chains.

Original Story: Agro Times| Giovanni Lorenzon 
Photo: Photo by Magda S for FreeImages.com
Edition and Translation: Prime Yield

Brazil’s biggest lender Itau Unibanco posted a 34.8% jump in its third quarter profit from a year earlier, driven by loans for individuals, lower provisions and higher fee income.

Recurring net income, which excludes one-off items, came in at 6.779 billion reais ($1.22 billion), in line with an estimate compiled by Refinitiv of 6.735 billion reais. Its return on equity, a gauge of profitability, was at 19.7% in the third quarter.

In a statement, Chief Financial Officer Alexsandro Broedel said the bank is on track to deliver a solid performance in 2021 and has put itself on a path to continued growth in 2022.

Itau’s loan book rose 5.9% in the quarter and 13.6% year-over-year, mainly helped by car loans, credit cards and mortgages.

The rapid expansion of retail loans alongside higher trading gains resulted in a 15.3% rise in net interest income, to 19.515 billion reais, from a year earlier.

The bank’s 90-day loan default ratio rose to 2.6% from 2.3% in the previous quarter. Still, loan loss provisions fell 17.2% year-over-year, to 5.232 billion reais.

Fee income rose 6.4% from a year earlier, even as brokerage XP Inc’s results, once incorporated into the fee income line, are no longer consolidated into Itau. It was boosted by credit cards, funds and advisory.

Despite a collective bargaining agreement which secured Brazilian banking sector workers a 11% raise in September, Itau’s operating expenses edged up only 1% from a year earlier, well below the double-digit inflation rate in Latin America’s biggest economy.

Original Story: Reuters | Carolina Mandl 
Photo: Itaú website
Edition: Prime Yield

Surging construction costs are sending delinquency rates skyrocketing among Brazilian developers, persuading a growing number of lenders to dump their loans and creating a feast for distressed-asset funds, Bloomerg News reported.

“I’m dealing with explosive demand from banks trying desperately to sell loans they made to construction firms”, said Eduardo Martins, a partner at MGC Holding, one of Latin America’s biggest distressed-asset managers.

MGC, which oversees a face value of 23 billion reais ($4.21 billion) in consumer loans, has hired three executives since August to start a unit to analyse corporate real estate credit.

The delinquency rate for builders reached as high as 20% in May for loans carrying market rates, meaning borrowers weren’t paying on time on 3.4 billion reais in loans, according to the central bank. The rate fell to 4%, or about 141 million reais in defaults in September, a reduction the central bank said could be explained by different forms of debt renegotiation.

Original Story: Bloomberg|Cristiane Lucchesi 
Photo: Photo of Afonso Lima in FreeImages.com
Edition: Prime Yield

Banco Santander Brasil SA will face a more challenging environment for loan growth and repayments in 2022 in light of the rising benchmark interest rate and high inflation in Latin America’s biggest economy, Chief Executive Sergio Rial said.

Rial said the bank’s consumer loan book was likely to expand between 9% and 12% next year, a steep decrease from the roughly 20% growth it is poised to post this year, and predicted fewer people will seek a mortgage because of higher interest rates.

Rial did not provide any estimate for loan defaults, but said the scenario will be “more challenging” in 2022.

Its 90-day loan default increased 0.2 percentage point in the third quarter to 2.4%, while loan-loss provisions also grew.

Many economists are slashing their GDP outlook for Brazil. Itau Unibanco Holding SA said GDP is likely to shrink 0.5% in 2022, as a hike in the benchmark interest rate is expected to tame inflation.

The Brazilian unit of Spain’s Banco Santander reported a recurring net income of 4.340 billion reais ($769.45 million), up 12.5% from a year earlier, driven by higher net interest income and fees.

The result gave Santander Brasil a return on equity (ROE) – a gauge of profitability – of 22.4%, its highest on record.

Analysts praised Santander Brasil’s performance in notes to clients, but highlighted some points of concern.

“Loan loss provisions and defaults started to come under pressure,” analysts at BTG Pactual wrote.

Original Story: Reuters | Carolina Mandl 
Photo: Santander Br
Edition: Prime Yield

The number of defaulters in Brazil reached 62.21 million people in September, which represents a slight retraction (0.06%) compared to the previous month.

According to the Map of Delinquency and Renegotiation of Debts in Brazil released by Serasa, this is the lowest figure since April, when 62.98 million Brazilians were registered in this situation.

According to the monthly study, the number of total debts in Brazil is also the lowest recorded in the period, with a drop of 0.16% compared to August, totalling 208.46 million accounts.

According to the survey, despite the drop in defaults, the total value of debts in September rose 0.34% compared to August, adding up to R$ 245.3 billion. The average value of debt is R$ 3,944 per person and R$ 1,177 per debt.

The banks and credit cards segment continues to lead the list of accounts responsible for delinquency, representing 28.7% of them, followed by debts of basic accounts such as water and electricity (23.5%) and retail with 13%.

“These figures show that Brazilians are seeking opportunities to renegotiate with differentiated conditions and that creditor companies increasingly understand the importance of offering these conditions for people to renegotiate: in September alone, there were more than R$ 3.27 billion in discounts granted in renegotiations by Serasa Limpa Nome,” said Serasa manager Nathalia Dirani.

The states with the most defaulters are São Paulo (14.67 million), Rio de Janeiro (6.18 million), Minas Gerais (5.82 million), Bahia (4 million) and Paraná (3.29 million).

Original Story: Agência Brazil |Flávia Albuquerque 
Photo: Photo by Bruno Neves for FreeImages.com
Translation and Edition: Prime Yield