December 16, 2016 / 12:55 PM / a year ago

Itaú to help Brazil fix card loan, receivables practices

SAO PAULO, Dec 16 (Reuters) - Itaú Unibanco Holding SA vowed to help the Brazilian government improve credit card lending and receivable prepayment practices as a way to help pull the economy out of a deep crisis and cut borrowing costs, Chief Executive Officer Roberto Setubal said on Friday.

In a statement sent by email, Setubal said Itaú will also suggest ways to help narrow lending spreads as the government tries to revive credit. President Michel Temer on Thursday unveiled stimulus measures to reduce the debt burden of companies and consumers struggling with the country’s worst recession in over eight decades amid growing popular discontent. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)

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