Ferraz defends BNDES role

It has become normal in Brazil for private-sector banks to express frustration with the scale and cost of BNDES’ presence in financing corporate Brazil. However, given the power of the bank to engage with private-sector financial institutions (either through granting debt lines that are passed through the private banks, or from holding equity stakes in companies that the banks see as clients or potential clients), these criticisms are made off-the-record.