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In a videoconference promoted by Itaú BBA, Minister Paulo Guedes (Economy) criticized the concentration of the Brazilian banking system. For him, with reforms and investment expansion, the economy will be more competitive.
“Instead of six banks, six contractors, six cabotage companies and six fuel distributors operating 200 million packages; instead of this, it will be the other way around. We will have hundreds, thousands of companies ”, he said this Saturday (9).
Itau BBA President Candido Bracher participated in the debate. The group is on the list of the six largest banks in the country, as well as two public financial institutions, Banco do Brasil and Caixa.
After the slide, the minister made an effort to explain the statement. Guedes stated that this was not a recrimination against any specific bank or specific contractor.
“When I always say that we are 200 million Muggles with six banks, six contractors, six this, six that, I want to emphasize much more the importance of competition. […] Uncompetitive markets are less convenient for consumers, “he said.
He stressed that despite bank concentration, this does not mean that any bank has done something wrong, but it does show that the Brazilian economy is hostile, with a high tax burden, for example.
Then, the minister tried to emphasize that the six largest financial institutions in the country were the ones that managed to survive this environment.
Criticism of the banking system was voiced as Guedes called for structural reforms in the country to stimulate investment and create a business middle class as a way to stimulate the economy.
According to him, in this way, there would even be a greater appreciation of workers, since the workforce would be smaller.
