November 1, 2016 / 1:07 PM / 2 years ago

Itaú to focus on less risky credit even if Brazil recovery firms

SAO PAULO, Nov 1 (Reuters) - Itaú Unibanco Holding SA will maintain focus on the least risky credit segments even if a recovery in the Brazilian economy firms in coming months, Chief Financial Officer Eduardo Vassimon said, signaling prudence as banks wrestle with the nation’s harshest credit downturn in two decades.

In a conference call to discuss third-quarter results, Vassimon said that Brazil’s largest bank by market value expects loan-loss provision expenses to come in at the lowest end of the expected 23 billion real-26 billion real ($7.2 billion-$8.1 billion) range for the indicator this year.

$1 = 3.1995 reais Reporting by Guillermo Parra-Bernal

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