After agreement, Banco do Brasil decides not to leave Brazil banking federation

RIO DE JANEIRO, BRAZIL – Banco do Brasil (BB) advised on Friday (3) that it has desisted from disassociating itself from the entity that represents the large banks in the country, Febraban, in the wake of a disagreement last week over the content of a manifesto calling for harmony between the branches of the Republic.

“After the respectful negotiations among Febraban members that took place this week, and recognizing the efforts made by all in the search for dialogue and mediated solutions, as is the tradition at Febraban, Banco do Brasil clarifies that it has no intention of disassociating itself from the Federation,” reads an excerpt from the note.

The announcement comes after Febraban had reaffirmed the night before its support to the manifest, respecting contrary positions of BB and Caixa Econômica Federal and distancing itself from the movement led by Fiesp, the trade association of industries in São Paulo.

The manifesto, also signed by other sector entities, called for harmony between the branches of government and President Jair Bolsonaro, who has had frequent clashes with members of the Supreme Court (STF) and has organized a protest march for freedom of speech in São Paulo’s Avenida Paulista (where Fiesp’s headquarters are located) on September 7.

With this, the banks controlled by the federal government had threatened to leave Febraban.

“BB also believes that the episode may, in the end, contribute to strengthening internal mechanisms in the Federation that favor dialogue and reinforce Febraban’s role as an important agent for the country’s development,” says BB’s note subscribed by its executive president, Fausto Ribeiro.

When asked, Caixa Econômica Federal did not answer immediately if it plans to maintain its affiliation with the entity.

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