Reuters: Regulatory News: STXNEWS LATAM-Ten Brazil banks face suspension in Minas state

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

STXNEWS LATAM-Ten Brazil banks face suspension in Minas state Aug 22nd 2012, 12:48 Wed Aug 22, 2012 8:48am EDT Prosecutors in Brazil's Minas Gerais state ordered late on Tuesday the suspension of loan concessions by ten banks, citing their efforts to make it harder for borrowers to pay off their debt in advance or move their credit to a rival. Among the banks affected are Banco Santander Brasil, the nation's largest foreign lender; Banco BMG, which recently sealed a joint venture with private sector banking giant Itaú Unibanco Holding, and Banco Cruzeiro do Sul , which in June was seized by the central bank because of accounting fraud. Prosecutors acted following a surge in customer complaints over the banks' practices, which hamper free competition rules, according to a statement. The other banks facing the ban on new disbursements are Banco Bonsucesso, Banco Cacique, Banco GE Capital, Banco Intermedium, Banco Mercantil do Brasil, Banco Rural and BV Financeira, a unit of Banco Votorantim. Officials at the Brazilian Banking Federation, a group representing banks, could not be immediately reached for comment.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions