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Second half of year may bring positive surprise, Bradesco executive says

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Amid discussions about a new fiscal framework and tax overhaul advancing in Congress, the second half of the year is expected to be better than the beginning of the year, in the view of Eurico Fabri, a vice-president in charge of wholesale banking at Bradesco. "The government has made it clear that there is fiscal responsibility. All the economic indicators lead us to believe that the Central Bank will be able to lower interest rates. This is very important."Mr. Fabri took over his new position at the beginning of the year, when the scenario was very uncertain, with the change of government disrupted by the coup-mongering acts of January 8 in Brasília and the Americanas crisis, which turned off the credit supply for companies in the country."I understand that we are starting to move through the gears again and we can enter a cycle of prosperity," said the executive, in an interview with Valor at the bank’s headquarters in Cidade de Deus (Osasco, São Paulo). Mr. Fabri, who works for the bank since 2008 and has been in charge of the retail segment for the last four years, jokes that he has made a swap with Marcelo Noronha, who has taken over the bank’s retail and other businesses.Under his leadership, the wholesale business, which focuses on corporate clients, has also, includes the wealth management team since the beginning of the year, when it was merged with private banking. "We have decided to grow in high income, which brings more stability to the portfolio."The clearest signs of market improvement have been seen in recent weeks with the launch of stock offerings. With the opening of the window in recent days, with the more optimistic scenario, a group of companies took the opportunity to launch their offerings.Car rental company Localiza, for example, pocketed R$4.5 billion through a secondary offering already thinking about investments, in an operation with high demand from investors. This week, BRF launched its offering, which paved the way for investments from the Arab fund SALIC and for an increase in Marfrig’s position. The owner of the Sadia and Perdigão brands raised R$4.5 billion to adjust its financial situation.Large companies are...

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