BTG attacks Caixa, its partner in Pan.
A report from André Esteves' bank seeks to weaken the strong arm of the state-owned bank; BTG Pactual's elite are targeting the "Minha Casa Melhor" program, the apple of Dilma's government's eye, to stir up trouble in the market; instability is of interest; with a majority stake in Pan, where it is a partner of Caixa itself, Esteves' bank is trying to enter the real estate financing market; weakening the partner where Esteves is not a partner aims to give Esteves more profits where he holds a majority stake over the partner; the logic of taking advantage of everything; after partner Persio Arida threw his name behind unemployment, the Rio de Janeiro banker surpasses himself in cross-interest.
247 - André Esteves, the billionaire who owns BTG, was a friend of the federal government until recently. He became a partner in Caixa Econômica Federal, met frequently with top government officials, tried to buy Vale for Eike Batista, among other connections.
Today, he's another former friend. He gave interviews critical of the government to Veja magazine, distributed negative reports on the economy's performance, instructed his partner Pérsio Arida to criticize economic policy, defending the need for unemployment in the economy, and this week, he launched two bombshells. The day before yesterday, Roger Agnelli, head of mining at BTG, said that the government's mining project will inhibit investments.
Yesterday, BTG released a report stating that the "Minha Casa Melhor" program will increase default rates at Caixa Econômica Federal. In strong terms, BTG asserts that CEF could harm its balance sheet due to the increased defaults generated by the program, which provides a line of credit for low-income individuals to purchase furniture and appliances.
It seems that BTG is once again proving itself an institution that dislikes social classes C, D, and E. It dislikes and doesn't want to work with this low-income population. The reason is that BTG is the majority shareholder of Caixa in Banco Pan, formerly owned by Silvio Santos. This bank is now finally entering the housing finance sector, but wants to lend at higher interest rates than those historically practiced by Caixa. Undermining the "Minha Casa Melhor" program is just the first shot at one of the government's prides. The second is to attack the "Minha Casa, Minha Vida" program itself, to open up more space for Banco Pan, in which, again, Esteves is the majority shareholder. A typical case of conflicting interests.