Citicorp’s Reed Sees Brazil Bank Debt Agreement
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DETROIT — Back interest payments on Brazilian loans could add $250 million to Citicorp’s 1988 earnings, Chairman and Chief Executive John S. Reed said Wednesday.
Citicorp, the nation’s largest bank holding company with assets of $203.6 billion, is the leader of negotiations between banks and the Brazilian government aimed at restructuring that country’s debt.
“I believe Brazil is likely to reach an agreement with the banks, but it is difficult to be assured of it,” Reed told a news conference before a luncheon address to the Economic Club of Detroit.
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