March 14, 2018 / 3:32 PM / a year ago

Bradesco chairman says credit up 5 percent since start of year

SAO PAULO, March 14 (Reuters) - The chairman of Banco Bradesco SA, Brazil’s second largest private sector bank, said on Wednesday that credit granted since the start of the year has expanded at a 5 percent annualized rate.

Speaking at the World Economic Forum on Latin America, Luiz Carlos Trabuco said, however, that companies are still seeking working capital lines rather than capital expenditure financing for investments.

Trabuco said the increase in digital services has lead to a revision of the number of Bradesco’s bank branches around Brazil.

On Tuesday, Bradesco’s new chief executive officer, Octavio Lazari, told Reuters the bank is studying the possible closure of up to 200 branches this year in an ongoing review of its network. (Reporting by Anthony Boadle Editing by Paul Simao)

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