A US$50mn line of credit has been granted to Banco Votorantim by the Andean Development Corporation (CAF). It will be used by the bank to finance foreign trade, working capital and investment by companies in low risk sectors.

Commenting on the deal, CAF president and CEO Enrique Garcia remarks: “We are continuing, efficiently and coherently, to play an important role in financing Brazilian banks based on the expansion and growth of the country’s financial sector in recent years.”

Banco Votorantim is part of the Votarantim Group and since December 2006 it has become the tenth bank in Brazil in terms of assets.