Bank ‘grants 1.1bn reais for Brazil real estate financing’
Brazil real estate accounted for 1.1 billion reais (£365 million) of credit granted by the Bank of Brazil in the first half of 2009, according to new figures.
Local news agency Anba reports that the financial institution has regained its leading position in the market after it gained net profits of four billion reais during the first six months of the year, according to Brazzil magazine.
According to the agency, the bank granted 103.3 billion reais worth of credit to finance companies, while individuals received 68.5 billion reais, representing a 70 per cent increase over the last year, the publication reports.
"The Bank of Brazil adopted a correct strategy by giving the country the benefit of doubt, by promoting the unlocking of credit with responsibility, in accordance with best banking practices," said Aldemir Bendini, chairman of the company.
Samantha Gore, head of sales and marketing at Brazil real estate specialists uv10.com, recently said that the government’s low-income housing scheme was helping to boost the country’s property market.
