Banco Bradesco News
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Itau Unibanco Holding SA, Latin America’s largest lender by market value, will become the biggest credit-card operator in Chile after agreeing to manage the in-house cards of Santiago-based retailer Cencosud SA.
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Banks focused on loans to mid-size firms including Banco Industrial & Comercial SA and Banco Daycoval SA are posting the worst returns among Brazilian lenders as their customers’ bankruptcy filings rise.
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Ibovespa futures fell as economists covering the Brazilian economy cut their projections for growth and increased their estimates for the benchmark interest rate.
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A decade ago, Roberto Setubal set out to challenge Goldman Sachs Group Inc.
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Cosan SA Industria & Comercio, which controls the world’s biggest sugar-cane processor with Royal Dutch Shell Plc, posted a quarterly profit that missed estimates after debt costs and tax expenses jumped. The shares slumped.
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Smiles SA, the frequent-flier unit of Gol Linhas Aereas Inteligentes SA that went public in April, rose after three analysts recommended buying the stock.
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The Ibovespa rebounded from a six- week low as mining company Vale SA led Brazilian raw-material producers higher amid a rally in commodities, outweighing declines in bank stocks.
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Banco do Brasil SA, the Brazilian lender whose insurance unit held the world’s largest initial public offering this year, said first-quarter lending expanded faster than the company’s forecast, led by corporate loans.
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Brazil’s expansion will pick up as the country prepares to host global sporting events and the government changes its approach to economic development, investor Mark Mobius said.
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Itau Unibanco Holding SA, the biggest wealth manager in Brazil, said growth in that industry will cool to 15 percent this year from 21 percent in 2012 as the nation’s economic rebound falls short of forecasts.
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