Santander Banespa reserves US$451m for SME lending in Q4
Brazil's fourth largest private sector bank Santander Banespa expects to lend 1bn reais (US$451m) to SMEs before the end of the year, with annual revenues up to 20m reais. Santander Banespa generally increases lending to SMEs at the beginning of the fourth quarter to help companies cover obligatory year-end bonuses required by Brazilian law, said bank planning and product manager Marcelo Villaca Carvalho. "This bank has a tradition of lending to SMEs," he said of Spanish parent Grupo Santander.
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