BNDES, Brazil’s state-run development bank, was one of the biggest investors in September’s record $70.1 billion share offering by Petrobras, Brazil’s oil company, but experts say it has become too big and is crowding out long-term lending by the country’s private-sector banks.
BNDES was established in 1952 and during the past decade it has become one of the biggest lenders to corporates in Brazil, often helping them to finance international acquisitions. During the 12 months to the end of May, it made disbursements of R$151 billion ($85.8
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