May 29, 2017 / 10:26 PM / a year ago

Brazil's development bank will maintain tough lending practices -new CEO

SAO PAULO, May 29 (Reuters) - The new CEO of Brazil’s development bank said on Monday that the institution should not act as a “customer service counter” for businesses and should be run according to national development interests.

Rabello de Castro said that despite the development bank coming under pressure from credit-starved business leaders after it imposed tougher terms for loan disbursements, it would not change its focus, and underscored that all financial institutions are more cautious during recessions like the one Brazil has faced for two years. (Reporting by Rodrigo Viga Gaier; Writing by Tatiana Bautzer; Editing by Dan Grebler)

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