Banco do Brasil lent 5.8bn reais (about US$3.4bn) to the local banks Votorantim, Safra and Alfa amid the bank run seen globally in late 2008, says the Brazilian daily Valor Econômico. The Central Bank balked at financing banks during the credit drought for fear of lawsuits.
Sadia, a food company, was also rescued with a 900mn reais loan. Banco do Brasil later acquired 49.99 percent of Banco Votorantim.
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