Santander Brasil cutting exposure to some Brazil oil clients
SAO PAULO Feb 3 (Reuters) - Banco Santander Brasil SA is reining in disbursements and tightening credit approvals across the oil and gas industry in Brazil, Chief Executive Officer Jesús Zabalza said on Tuesday.
Speaking at a conference call to discuss fourth-quarter earnings, Zabalza said there were "no ongoing concerns" about the bank's exposure to companies in ailing sectors such as sugar and ethanol, civil construction, and oil and gas.
So long as there is no evidence of wrongdoing, Santander Brasil will continue to finance licenses and investment projects for the nation's builders, he noted. Prosecutors have linked some of Brazil's largest engineering companies with a scandal involving billions of reais in bribes and overpriced contracts at state-controlled oil producer Petrobras.
© Thomson Reuters 2017 All rights reserved.