Roundup: Banco Safra profits, CDB taxes, Cielo stock, Febraban head

- Tuesday, February 22, 2011

Roundup: Banco Safra profits, CDB taxes, Cielo stock, Febraban head

Brazil's ninth largest bank in terms of assets, Banco Safra, announced profit of 1.05bn reais (US$628mn) in 2010, which marked a 15% increase from 2009, the privately held bank said in a statement.

Lending was up 33.6% to 37.3bn reais at end-December, as ROE came in at 19.9%.

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By next week, the Brazilian government should set rules fixing an error in measures announced late last year and meant to improve funding conditions for banks to issue longer-term credit.

The change will make certificates of deposits (CDBs) redeemed in 30 days or less subject to the IOF financial transaction tax, local paper Valor Econômico reported.

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US-based Capital Research and Management Company (CRMC) has increased its stake in leading card acquiring firm Cielo, reaching a 5% share of the company's common shares.

CRMC now has 68.3mn common shares in Cielo, according to a securities filing.

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Murilo Portugal, previously of the IMF, will become the new president of banking federation Febraban on March 17, taking over for Fábio Barbosa of Santander Brasil (NYSE: BSBR), who has led the group since 2007.