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Banrisul to inject R$ 25.2 billion into state economy in 2010

Banrisul to inject R$ 25.2 billion into state economy in 2010

Today (Dec. 9), Yeda Crusius, the governor of the State of Rio Grande do Sul, and Fernando Lemos, the chief executive officer of Banrisul, received members of the press in the city of Porto Alegre to announce the amount of credit the bank will make available in 2010 through its various credit lines. At the event, Governor Crusius noted that Banrisul’s actions were essential this year for enabling the state’s economy to continue advancing. The governor pointed out that the structural changes in the state government began with the process to capitalize the Bank. “The move to carry out a share offering in 2007, before the onset of the global financial crisis, proved a very accurate call.”

The governor highlighted that the budget for the state’s executive power approved for the coming year, which maintains a zero deficit in the public accounts, creates better business conditions for all sectors, and especially for Banrisul. “The institution is a reference of the expansionary environment expected in 2010, given its strong corporate governance practices and efficient management, and the fact that through credit it will help spur development in the state’s manufacturing sectors.”

During the meeting, Banrisul CEO Fernando Lemos said that the Bank’s credit portfolio for 2010 totals R$ 25.2 billion, with growth projected at roughly 25%. “This amount shows the institution’s size and importance for the state’s economy, as well as its capacity and commitment to the people of the State of Rio Grande do Sul.” He also said that with the recovery in the domestic economy, credit has become the main driver of investment and consumption. Lemos considers conditions in both Brazil and the state as favorable. “Consumer and business confidence are driving new business.”

Lemos also said that Banrisul will launch new credit lines that provide advances against the mandatory end-of-year bonus salary to be received by the state’s civil servants in 2010. Starting on December 21, clients can already apply for this loan at any branch in the Bank’s network. He also announced the release of R$ 100 million to finance notebook acquisitions for the state’s teachers participating in the Digital Teacher Program.

Also present at the event was Ricardo Englert, the state’s treasury secretary and chairman of the board of directors of Banrisul, as well as Mateus Bandeira, the state’s planning secretary and a member of the bank’s board.

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