11/13/2008 14h51
Federal Savings Bank announces credit of US$ 930 million to retail
DCI - 11/13/2008
Yesterday, the Federal Savings Bank announced the liberation of R$ 2 billion (US$ 930 million) to finance consumption goods in retail. This operation is added to R$ 4 billion (US$ 1.9 billion) recently released by the Banco do Brasil bank and to another R$ 4 billion (US$ 1.9 billion) through Nossa Caixa bank to the assemblers, totaling R$ 10 billion (US$ 4.7 billion) of credit released for consumption. According to the vice-president of the distribution area of the Federal Savings Bank Carlos Borges, differently from other financial institutions, the credit liberations were not made available because of the financial crisis. With this release, the Federal Savings Bank intends to increase retail sales by 20%, mainly at the end of the year. The amount is already available by the bank to the first four contracts signed yesterday, during the announcement of the financing, which will receive an initial allotment of R$ 100 million (US$ 46.5 million) for investment in the first 12 months. Until the end of the year, the financial institution intends to make more partnerships. The contracts were negotiated with retail chains Baú Crediário, from São Paulo; América Móveis, from Santa Catarina; Tradição Móveis, from Pernambuco, and Certel, from Rio Grande do Sul, comprising nearly 150 stores throughout the Country. According to Borges, the chains will have from 60 to 180 months to pay the loan, depending on the kind of partnership. The interests for the retailers will also depend on the operational model of each chain. "I guarantee that we are going to practice the best interest taxes of the market, as we already do in several operations, including in overdraft-secured check." Each store will have correspondents of the bank for access to the financing of consumption goods, such as home appliances, electronic equipment, furniture, TV and video, besides building material. Consumers will be able to finance the amount of up to R$ 10 thousand (US$ 4.7 thousand) with terms of 24 months. According to Borges, the interests for consumers will be set according to the market of each retailer. The Federal Savings Bank already has 18 thousand correspondents in the Country, distributed in stores and lottery houses. According to Fábio Lenza, vice-president, until 2010 the idea is to open another 5 thousand points of correspondents.
