Bradesco, Santander Brasil Agree to New Utility Loans

Banco Bradesco SA and Banco Santander Brasil SA have agreed to extend new loans to power distributors, a government source told Reuters on Wednesday, asking not to be named because the loans had not been announced.

Bradesco, Santander, Banco do Brasil SA and Caixa Economica Federal will lend 3.5 billion reais ($1.6 billion) and state development bank BNDES will lend 3.5 billion reais in a move that should be finalized in the first half of August, the source said.

($1 = 2.25 Brazilian reais)

(Reporting by Luciana Otoni; Editing by Chris Reese)