Brazilian private-owned banks like Itau-Unibanco, Bradesco, HSBC, Real seem to be under incresead pressure from State-owned entities like Banco do Brasil, Caixa Economica e Banco do Nordeste. This analysis by Raquel Balarin has been translated to English by Google.
Under pressure, banks try new position
Raquel Balarin
Valor Economico
20/08/2009
Meetings with analysts that the bank promotes Itaú are taken as examples. Throughout the day, senior executives of the bank give explanations on the balance sheet, answer questions from analysts about the future of the economy, detailing supplies and talk to the press. Yesterday, however, the meeting in a buffet in São Paulo, an indigestible matter dominated the sessions of journalists' questions and comments to the small mouth. What Setubal brothers (President Roberto and vice president of investor relations, Alfredo) had to say about the complaints made public last week by Minister of Finance, Guido Mantega, private banks and Roberto? The Setubal responded with silence and decided "not to play more firewood in hell", as Alfredo.
Last week, in announcing the return of the Bank of Brazil in the ranking of the leading financial institutions, Mantega was critical acidic. He said that private banks would "eat dust" of public banks is not reduce the "spread" (difference between the cost of borrowing from the bank and the rate of loans) and increased the credit. He added that "the president of Itaú had been wrong and lost the opportunity to not be mistaken." The "misunderstanding" was a statement by Roberto Setubal the day before, that the "spread" charged by public banks were not sustainable.
Few people thought, but a month ago, the launch of the Valley-Culture, the Itaú had suffered another direct criticism of the government, this time coming from anyone unless the president, Luiz Inácio Lula da Silva. In the event, he shot, in reference to the use of the Rouanet Law: "People see the Itaú (Cultural) and not know what is not theirs. It is not a penny of Itaú. Constraint. In the audience was one of the heirs of the bank, Milú Vilela. (Detail: the Itaú Cultural informed at the time that about half of the resources are invested each year).
That there is something happening, we must not be very smart to understand. Lula has shown irritation with the private banks because of the "spreads" have remained high despite the drop in basic rate of interest. The "spread" is a key in which he hit from his first term. In meetings with representatives of banks, more than once began the conversation by asking how a guy bought a refrigerator and had paid to run two. But back then, the Selic was higher and the explanation need not go very far. Now, the rate came down, and new explanations, such as the lack of a positive registration, access to more people (no credit history) to the banking system etc.
If the hole is with the private banks in general, that Itaú has caught more? Certainly there are reasons that will hardly public. But one of the reasons is the anticipation of 2010 election dispute. Itaú was identified with the PSDB. And the association's image to the institution of the party was even clearer with the merger with the bank, which had on its board several former government FHC, and Pedro Malan, Demosthenes Madureira de Pinho, Daniel Gleizer and Eleazar de Carvalho Filho. Add to this the fact that Itaú have an owner sitting in the chair as President, the perfect image of banker to be used in a presidential election.
Raising the tone of criticism of the banks and the collection of various losses in government (fees, auction the sheet of INSS, correction of plans etc.) concern the bankers. And, though belatedly, they now seem to agree that the world has changed and we must adapt to new times. The interview given by Fábio Barbosa, president of the Brazilian Federation of Banks (Febraban), the Claudia Safatle of Value (edition of August 11, page C8) is an indication that. He cites that now, in addition to dialogue with the government and the Central Bank, it must relate to Procons, the Judiciary, the Legislative Branch. It is good to remember that very recently the banks have to make a war operation against the application of the Law of Consumer Protection. It is a change in both attitude and if it is in fact put into practice.
What is some bankers have noticed that when the trend is strong, it is better to anticipate it, instead of fighting against. A great learning credit was recorded (with discount in payroll), a product that gained weight in the hand of financial institutions for medium and small companies. Initially, some of the major banks showed resistance to the product because they could earn higher rates on other types of loans. The set grew and bancões retail had to fix the route.
A good test for the banks will register positive, a sort of historical center of paying good credit, a project that is ongoing in the Senate. In the past, more than once, executives of banks came to twist the nose for the initiative because it wanted to "open data" of their good customers to competition. The discourse has changed. With the pressure on the government "spreads" and greater reliance of banks on the outcome of their credit operations, the approval of the project now is to welcome the financial system. To get an idea of the size of the measure, the simulation shows that Serasa Experian, register with the positive, the interest rate would be lower than the present for 62% of the population policy of credit.
It is too early to say whether the change in attitude of the banks cited by Fábio Barbosa will indeed succeed. But the fact that bankers have noticed that change is needed now is a big step. And perhaps a good subject for a chat between Barbosa and Minister Dilma Rousseff, the next meeting of the Board of Petrobras (both are directors of oil company). Friends say he's banker and the minister - possible candidate for President of the Republic - get along very well. In Febraban, Barbosa has the mandate in March of next year.
Under pressure, banks try new position
Raquel Balarin
Valor Economico
20/08/2009
Meetings with analysts that the bank promotes Itaú are taken as examples. Throughout the day, senior executives of the bank give explanations on the balance sheet, answer questions from analysts about the future of the economy, detailing supplies and talk to the press. Yesterday, however, the meeting in a buffet in São Paulo, an indigestible matter dominated the sessions of journalists' questions and comments to the small mouth. What Setubal brothers (President Roberto and vice president of investor relations, Alfredo) had to say about the complaints made public last week by Minister of Finance, Guido Mantega, private banks and Roberto? The Setubal responded with silence and decided "not to play more firewood in hell", as Alfredo.
Last week, in announcing the return of the Bank of Brazil in the ranking of the leading financial institutions, Mantega was critical acidic. He said that private banks would "eat dust" of public banks is not reduce the "spread" (difference between the cost of borrowing from the bank and the rate of loans) and increased the credit. He added that "the president of Itaú had been wrong and lost the opportunity to not be mistaken." The "misunderstanding" was a statement by Roberto Setubal the day before, that the "spread" charged by public banks were not sustainable.
Few people thought, but a month ago, the launch of the Valley-Culture, the Itaú had suffered another direct criticism of the government, this time coming from anyone unless the president, Luiz Inácio Lula da Silva. In the event, he shot, in reference to the use of the Rouanet Law: "People see the Itaú (Cultural) and not know what is not theirs. It is not a penny of Itaú. Constraint. In the audience was one of the heirs of the bank, Milú Vilela. (Detail: the Itaú Cultural informed at the time that about half of the resources are invested each year).
That there is something happening, we must not be very smart to understand. Lula has shown irritation with the private banks because of the "spreads" have remained high despite the drop in basic rate of interest. The "spread" is a key in which he hit from his first term. In meetings with representatives of banks, more than once began the conversation by asking how a guy bought a refrigerator and had paid to run two. But back then, the Selic was higher and the explanation need not go very far. Now, the rate came down, and new explanations, such as the lack of a positive registration, access to more people (no credit history) to the banking system etc.
If the hole is with the private banks in general, that Itaú has caught more? Certainly there are reasons that will hardly public. But one of the reasons is the anticipation of 2010 election dispute. Itaú was identified with the PSDB. And the association's image to the institution of the party was even clearer with the merger with the bank, which had on its board several former government FHC, and Pedro Malan, Demosthenes Madureira de Pinho, Daniel Gleizer and Eleazar de Carvalho Filho. Add to this the fact that Itaú have an owner sitting in the chair as President, the perfect image of banker to be used in a presidential election.
Raising the tone of criticism of the banks and the collection of various losses in government (fees, auction the sheet of INSS, correction of plans etc.) concern the bankers. And, though belatedly, they now seem to agree that the world has changed and we must adapt to new times. The interview given by Fábio Barbosa, president of the Brazilian Federation of Banks (Febraban), the Claudia Safatle of Value (edition of August 11, page C8) is an indication that. He cites that now, in addition to dialogue with the government and the Central Bank, it must relate to Procons, the Judiciary, the Legislative Branch. It is good to remember that very recently the banks have to make a war operation against the application of the Law of Consumer Protection. It is a change in both attitude and if it is in fact put into practice.
What is some bankers have noticed that when the trend is strong, it is better to anticipate it, instead of fighting against. A great learning credit was recorded (with discount in payroll), a product that gained weight in the hand of financial institutions for medium and small companies. Initially, some of the major banks showed resistance to the product because they could earn higher rates on other types of loans. The set grew and bancões retail had to fix the route.
A good test for the banks will register positive, a sort of historical center of paying good credit, a project that is ongoing in the Senate. In the past, more than once, executives of banks came to twist the nose for the initiative because it wanted to "open data" of their good customers to competition. The discourse has changed. With the pressure on the government "spreads" and greater reliance of banks on the outcome of their credit operations, the approval of the project now is to welcome the financial system. To get an idea of the size of the measure, the simulation shows that Serasa Experian, register with the positive, the interest rate would be lower than the present for 62% of the population policy of credit.
It is too early to say whether the change in attitude of the banks cited by Fábio Barbosa will indeed succeed. But the fact that bankers have noticed that change is needed now is a big step. And perhaps a good subject for a chat between Barbosa and Minister Dilma Rousseff, the next meeting of the Board of Petrobras (both are directors of oil company). Friends say he's banker and the minister - possible candidate for President of the Republic - get along very well. In Febraban, Barbosa has the mandate in March of next year.
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