June 4, 2019 / 8:21 PM / a year ago

Brazil bank profits 'excessive,' says Economy Minister

BRASILIA, June 4 (Reuters) - Brazilian banks’ profits are huge to the point of being “excessive,” Economy Minister Paulo Guedes said on Tuesday, adding that the country needs an injection of competition to end what he called the cartels that dominate many of its major sectors.

In testimony to the lower house Finance and Taxation Committee, Guedes said President Jair Bolsonaro may not always have shared his privatization instincts but now recognizes the merits in selling off state assets to the private sector.

Reporting by Marcela Ayres Writing by Jamie McGeever; Editing by Richard Chang

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