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Shares in state-controlled Banco do Brasil SA led gains among Brazil banking shares, on speculation Brazil's Federal Supreme Court, grappling with a heavy case load, may decide on Wednesday to delay a ruling on a landmark savings case dating back more than two decades. On Tuesday, court Justice Marco Aurelio Mello told Reuters that the court, known as STF, could lean towards postponing the ruling until after the October presidential election, to deal with other, more urgent cases.
The court is currently discussing the issue at a hearing in Brasilia. Millions of depositors claim they were incorrectly remunerated when the Brazilian government changed the indexes that savings rates were pegged to between 1989 and 1991. Plaintiffs introduced thousands of lawsuits against banks years later.
Banco do Brasil, which analysts point as the most affected bank in the event of a ruling against banks, led gains after adding more than 4 percent in mid-afternoon trading. Private-sector peer Itaú Unibanco Holding SA rose 2 percent, with Banco Bradesco SA rising 1.7 percent. Shares of Banco Santander Brasil SA added 1.3 percent. (Editing by Diane Craft)