December 2, 2016 / 2:17 PM / 10 months ago

Banco do Brasil to curb offshore lending to bolster local activities

SAO PAULO, Dec 2 (Reuters) - State-controlled Banco do Brasil SA is considering curbing offshore lending activity as the nation’s largest bank tries to boost returns and focus on its home turf, Chief Executive Officer Paulo Rogêrio Caffarelli said on Friday.

Caffarelli, speaking at an event with the bank’s shareholders in São Paulo, said as much as half of outstanding loans made offshore could not be renewed. Ongoing efforts to reduce the bank’s branch network and staff are likely to impact results as early as next year. (Reporting by Guillermo Parra-Bernal)

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