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Largest banks in Brazil create company for credit analysis

Financial management

With the organization of a database, the intention is to improve lending in Caixa, Banco do Brasil, Bradesco, Santander and Itaú

Brazil's largest banks, Caixa Econômica Federal, Banco do Brasil, Bradesco, Santander and Itaú have joined forces to create a jointly controlled company to improve customer lending. From a database,  the Credit Intelligence Manager  will be responsible for gathering information about credit and registration of individuals and legal entities.

Caixa announced the company's creation to shareholders and the market on Wednesday (14). In a statement, the bank informs that the share capital of the manager will be shared equally by the five institutions: each will be responsible for the share of 20% of the total. The parties estimate that the company will be fully operational by 2019.

"The Company's Board of Directors will be composed of members appointed by the parties and its board will have exclusive dedication to the business, preserving the independent management of the company," the statement said.

Credit environment

According to the report, the information that the company will collect on individuals and legal entities is intended to "aggregate, conciliate and process registration and credit information in accordance with applicable standards." The result, according to the institution, is to improve the processes of granting, pricing and directing credit lines, which leads to an improvement in the credit environment in the country in the medium and long term.

"The company's constitution reaffirms our confidence in the future of Brazil and the credit market, creating conditions for a more solid and sustainable market," Caixa said.

Source: Portal Brasil, with information from Caixa