Caixa CEO Pedro Guimarães. Photo: Marcello Casal Jr./ABr
Caixa and Banco do Brasil, the two biggest Brazilian public banks, are no longer expected to leave the Brazilian Federation of Banks (Febraban), according to news website Poder360. Both institutions threatened to abandon the federation after Febraban signed an open letter pleading for “institutional harmony” between Brazil’s branches of government, for the sake of the country.
Though the manifesto was as non-committal as possible, it was construed as criticism of President Jair Bolsonaro. Caixa CEO Pedro Guimarães reportedly led the plea for the banks to abandon Febraban. The president has ramped up attacks against the Supreme Court and has called for public demonstrations on September 7, which are likely to be filled with anti-democratic undertones.
The threat was perceived as a censorship attempt, further heightening tensions between markets and the government, while the Brazilian economy loses steam.
In a statement, Febraban reaffirmed its call for institutional harmony and said it respects Banco do Brasil and Caixa’s decision not to cosign the manifesto.
The specialization trend among corporate board members It is not only a matter of perception:…
Panama will hold its presidential elections on Sunday, months after huge protests saw thousands descend…
The city of Rio de Janeiro estimates that a Madonna concert this Saturday on Copacabana…
Latin America’s trend of banning opposition candidates from elections has caught on in an ever-growing…
The São Paulo City Council on Thursday approved legislation authorizing Brazil’s largest city to sign…
The preliminary report on AI regulations presented to Brazil’s Senate last week provides a middle-of-the-road…