“It is up to each of the banks to take care of all these business situations”, said the president of the institution, Isaac Sidney
the president of February (Brazilian Federation of Banks), Isaac Sidney, said this Tuesday (28.Mar.2023) that the institution is not involved in any negotiation involving the case Americans. According to him, each bank is responsible for dealings.
“The commercial relationship with the banks is not a sectoral topic dealt with within Febraban. There is no leadership from the entity in conducting these commercial negotiations. Therefore, it is up to each of the banks to take care of all these business situations”said during a meeting of the CAE (Committee on Economic Affairs) of the Senate to discuss the retailer’s debts of R$ 47.9 billion.
Sidney was invited to participate in the hearing with senators. In addition to him, there were present:
- Leonardo Coelho PereiraCEO of Americanas;
- Sergio Agapito Lires Rialformer CEO of Americanas;
- Joao Pedro Barroso do Nascimentopresident of CVM (Real Estate Securities Commission);
- Moacir de Almeida Reisdirector of operations for Forte Minas;
- Joao Wanderlay de Oliveira Juniorcommercial director of Forte Minas.
The president of Febraban also said that the crisis in Americanas surprised the banking sector. “There was no risk of default on the radar. Americanas complied with its accounting obligations”he declared.
Isaac Sidney stated that banks anticipated receivables “no guarantees”, in the so-called drawn risk. He further said that “It is not up to banks to supervise balance sheets” of companies.
In practice, the drawn risk was a kind of loan from Americanas with banks to pay debts with suppliers referring to the fiscal years of the last years, including 2022. The retailer is indebted to suppliers or investors and entered into an agreement with banks to settle the financial pending. Subsequently, it paid the amount with interest based on the terms.
The leader of Febraban declared that he was not looking for culprits, but said that “The responsibility rests with the company’s administrators. And also by law, it can reach the controllers”.
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