Family who owns Banco Fibra commit to keeping it financially healthy

Sao Paulo

THE Steinbruchs, a family of former Brazilian billionaires who own Banco Fibra SA, have already injected about 1.4 billion reais (S$478.5 million) into the company to cover losses since 2010, more than its book value. The tally is likely to get higher later this year.

"They will do what's necessary so the bank will stay above minimal capital requirements," chief executive officer Luis Felix Cardamone Neto said in an interview in Sao Paulo, where the company is based. He declined to say how much will be needed, though he said that the family is "completely committed to keeping the bank financially healthy".