July 9, 2019 / 4:20 PM / 12 days ago

Banco do Brasil has no plans to raise provisions for Odebrecht losses: bank chief

BRASILIA (Reuters) - Banco do Brasil (BBAS3.SA) has no plans to raise provisions for expected losses relating to the bankruptcy of conglomerate Odebrecht, the state-controlled bank’s president, Rubem Novaes, said on Tuesday.

Odebrecht filed for bankruptcy protection last month with debts of almost 100 billion reais ($26 billion), marking the largest corporate collapse in Brazilian history. Of the company’s 18.1 billion reais in unsecured bank debt, 4.75 billion reais are with Banco do Brasil.

Speaking to journalists in Brasilia, Novaes said that it will not be necessary to increase Banco do Brasil’s provisioning specifically because of Odebrecht.

Reporting by Marcela Ayres; Writing by Jamie McGeever; Editing by Jonathan Oatis

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