July 30, 2019 / 12:44 PM / 4 months ago

Brazil's Itau Unibanco CFO sees loan book growing close to 8%

SAO PAULO, July 30 (Reuters) - Brazil’s largest lender Itau Unibanco Holding SA sees its loan book growing close to the bottom of its target range in 2019, as the country’s GDP growth estimate has been cut, Chief Financial Officer Milton Maluhy told journalists on Tuesday.

Chief Executive Candido Bracher also said competition among banks for loans tends to increase by year end if economic activity rebounds. At the beginning of the year, Itau said its loan book was likely to grow between 8% and 11% this year.

Reporting by Carolina Mandl

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