October 26, 2016 / 2:02 PM / 2 years ago

Santander Brasil sees competition heightening amid rate cuts

SAO PAULO, Oct 26 (Reuters) - Banco Santander Brasil SA Chief Executive Officer Sergio Rial said on Wednesday that increasing appetite for growth will force lenders to pass on lower borrowing costs to customers as the central bank slashes interest rates in Brazil in coming months.

In an event to discuss Santander Brasil’s third-quarter results, Rial said loan defaults will begin to stabilize or even decline in the first three months of next year.

Reporting by Aluísio Alves; Writing by Guillermo Parra-Bernal; Editing by W Simon

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