With a credit portfolio of BRL 669 billion, equivalent to 21% of market share in Brazil, the National Bank for Economic and Social Development (BNDES) is a systemically important institution, but with low systemic risk for the Brazilian banking sector. This was the conclusion of UBS analysis team.
The main relationship between BNDES and other banks is due through granting of funding for loans to specific industries. On average, BNDES transfers represent 10% of total banks’ credit portfolio, equivalent to BRL 174.3 billion. The higher exposure is Bradesco’s, with 11%, the same percentage of Itaú Unibanco. Bank of Brazil has 10%, while Santander has 6% of the portfolio. Any interruption of BNDES disbursements, at a time when other banks are reluctant to grant loans, could result in a credit crisis with negative implications on the GDP, write the analysts.
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