Brazilian lenders BTG Pactual, Bradesco and Santander Brasil are among those most exposed to debt of Americanas SA , analysts' estimates showed on Monday, after the retailer obtained an injunction protecting it from creditors.
People walk in front of a Lojas Americanas store in Brasilia, Brazil January 12, 2023. REUTERS/Ueslei Marcelino
, analysts' estimates showed on Monday, after the retailer obtained an injunction protecting it from creditors.had the largest nominal exposure to the firm, while Banco BTG Pactual SA topped exposure as a proportion of loans.Its chief executive and chief financial officer resigned. Shares of the retailer have plunged nearly 80% so far this year.
Considering JPMorgan's and Citi's estimates, BTG had a 1.9 billion-real exposure to Americanas, which was seen accounting for roughly 1.5% of its loans, while Bradesco had exposure of 4.7 billion reais, or 0.5% of loans., had 3.7 billion reais in exposure, or about 0.6% of loans. Sergio Rial, the outgoing Americanas chief executive who uncovered the accounting inconsistencies, is a former head of Santander Brasil, where he still serves as chairman of the board.
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