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Brazilian Banks Need More Competition to End Cartels, Says Economy Minister

By Contributing Reporter

RIO DE JANEIRO, BRAZIL - Brazilian banks' profits are huge to the point of being "excessive", Economy Minister Paulo Guedes said on Tuesday, adding that the country needs an injection of competition to end what he called the cartels that dominate many of its major business sectors.

In testimony before the federal Chamber's Finance and Taxation Committee, Guedes also said President Jair Bolsonaro may not always have shared his privatization instincts but now recognizes the merits in selling off state assets to the private sector.

And in fact, Brazil's biggest banks seem to be cruising through . . .

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