BB cuts vehicle loans, overdraft rates

Brazil's largest retail bank Banco do Brasil on Monday said it was reducing some of its credit rates as well as overdraft rates. In a statement, the official bank said it has lowered vehicle financing rates to 2.90% from 3.30% a month while cutting its charging range for overdraft lending to 2.70%-8.80% from 2.70%-9.00% a month. Vehicle leasing rates, meanwhile, were reduced to 3.20% from 4.20% a month. Earlier this month, the Central Bank trimmed Brazil's reference lending rate, known as Selic, by 50 basis points to 26%. This was the first cut to Selic in a year. by Gustavo Freire