Banco do Brasil Facing Record Agribusiness Default Levels, CEO Says

Banco do Brasil is facing the highest default level ever recorded in its agribusiness loan portfolio, CEO Tarciana Medeiros said on Friday, adding the deterioration had not been predicted "even in the most pessimistic forecasts." The state-run lender on Thursday reported weaker-than-expected second-quarter results and announced a sharp cut to its full-year outlook, following an already challenging first quarter amid high delinquency in the key agribusiness segment.

Most of the defaults stem from soybean, corn and cattle producers in Brazil's center-west...

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