Brazil’s Caixa to launch massive debt recovery program
Brazil’s state-run bank Caixa Econômica Federal will launch a massive program to recover overdue debts.
The bank will offer clients interest rate discounts of up to 90% in a bid to recover 1bn reais (US$249mn) in debts, Caixa president Pedro Guimarães told reporters.
Overdue debts worth 4bn reais have been assumed as losses by Caixa due to the the long period of time they have been in default.
According to Guimarães, most of the clients that will benefit from the discounts are small businesses and low income clients.
"There are 300,000 small businesses and 2.6mn people who can renegotiate their debts with us. These loans are already assumed as losses on our balance sheet,” Guimarães said.
Banks in Brazil tend to sell their overdue debts to companies that are specialized in debt collection.
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