Adhesion to Febraban was a request of the new president of the BNDES, Aloizio Mercadante, but without disputing the market with the other banks.| Photo: Tomaz Silva/Agência Brasil

The Board of the Brazilian Federation of Banks (Febraban) approved this Thursday (16) the adhesion of the National Bank for Economic and Social Development (BNDES) to the entity. The decision came out after a meeting held in the morning and was a plea from the new president of the institution, Aloizio Mercadante.

According to Febraban, the state development bank may “participate in the entity’s consultative and deliberative bodies”.

“The BNDES, as the most important development agency in the country and a financial institution with its own characteristics, unparalleled in the Brazilian banking system, formalized the application for admission, which will be countersigned by the governance of Febraban”, said Issac Sidney, president of the federation, in note. (see in full)

The desire to join Febraban was mentioned by Mercadante during his inauguration speech at the beginning of the month. On the occasion, he mentioned his intention, but stressed that he was not “disputing the market with the private financial system. We need partnerships and the BNDES can contribute to reducing risk, opening new markets, extending deadlines and preparing good investment projects”.