Citigroup Inc., FleetBoston Financial
Corp., J.P. Morgan Chase & Co. and Bank of America Corp. reduced
their financing in Brazil by $1.7 billion in the first half, Valor
Economico said, citing the banks’ filing with the U.S.’s
Securities and Exchange Commission.
The figure has declined by $9.7 billion since the end of
2001, the newspaper said on its Web site.
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New York-based Citigroup made the biggest reduction, to $6.6
billion from $10.2 billion at the end of 2001, Valor said. The
bank’s filing with the SEC says it plans to reduce its lending and
other activities in “most of Latin America, especially in Brazil
and Argentina,” the paper said.
Bloomberg News
