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Itaú Asset, the Investment Fund Manager of Itaú Unibanco, Which Was Chosen as the Best in Brazil by the FGV Fund Guide 2020, Launched a “Red Alert” to Its Shareholders About the Future of the Brazilian Economy Thanks to Current President Lula’s Decision (PT).
The Asset Sent a Notice to Its Shareholders Last Week Indicating That There Is Concern About the Brazilian Economy in Relation to the “PEC do Rombo”. Why Is Itaú Worried About the Brazilian Economy? The Company Saw Bleak Future Prospects for the Brazilian Economy and Criticized Lula for Not Being Clear Enough When Answering Simple Questions from Financial Markets About Tax Reform and Tax Increases.
“Our Challenges to Understand the New Fiscal Framework and the New Economic Policies of the Government That Just Took Office Will Bring, at Minimum, Some Entropy and Volatility to the Markets,” Says a Section of the Document.
Furthermore, the Bank Added More Details in the Video About the Brazilian Economy:
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“We Will Have a Challenging Year Internally. There Are No Details on How the Government Plans to Design the Future Fiscal Rule, as Well as Whether an Eventually Tax Reform Will Bring a Significant Increase in Revenue. As a Result, Inflation Expectations for Various Time Frames Have Started to Rise,” It Explains to Shareholders.
“In Addition, There Are Other Negative Indications of Economic Policy (Greater Participation of Public Banks in Credit — Probably Subsidized —, End of the Privatization Agenda, Weakening of the State-Owned Companies Law and Labor Reform, etc.), All of Which Were Already Tested in the Past,” It Stressed.
“The Result Was (and Is Expected to Be Again) Low Growth, High Inflation, Elevated Interest Rates, and Increased Public Debt,” It Indicated.
Heir of Itaú Bank Donated to Lula’s Campaign
The Interesting Thing About the Stance of the National Bank on the Brazilian Economy Is That the Heir of Banco Itaú, Beatriz Bracher, Is the Second Largest Individual Donor to Lula’s Campaign. In Total, She Transferred 350 Thousand Reais. The Daughter of Fernão Bracher, Founder of BBA, a Bank Incorporated into Itaú, Came In Second Only to Entrepreneur Altair de Jesus Vilar Guimarães, Who Donated 600 Thousand Reais to the PT.
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