Banco do Brasil sees Votorantim returning to profit by June
SAO PAULO Nov 21 (Reuters) - Banco Votorantim SA will return to profit by June, an executive at Banco do Brasil SA said on Wednesday, as tighter credit standards and rising provisions help write off bad loans more rapidly.
Gustavo Sousa, head of investor relations at Banco do Brasil, said at an event with investors that Votorantim is cleaning up its loan book in an orderly way. Banco do Brasil holds a 49.99 percent stake in Votorantim, which lost money for the fourth straight quarter as delinquencies in its auto loan book spiked.
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