Brazil's Caixa could receive green light to sell bad loans
Brazil's federal audit court TCU is likely to authorize state-run bank Caixa Econômica Federal to sell portions of its loan portfolio.
TCU is set to follow a recommendation by local prosecutors allowing the bank to sell some bad loans, reported local daily Valor, which did not say where it obtained the information.
The sale of bad loans to specialized collecting companies is a normal practice among Brazilian banks. However, Caixa has been prohibited since June 2016 to conduct such sales due to alleged wrongdoing in the sale of bad loans to state run firm Emgea, which specializes in bad debt collection.
The investigation into that case is still ongoing, according to the report.
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