Brazil Bank to Order Cruzeiro do Sul Intervention, Estado Says

Brazil’s central bank plans to order today the intervention in Banco Cruzeiro do Sul SA, removing the bank’s current management, O Estado de S. Paulo reported, without saying where it obtained the information.

The deposit insurance fund, known as FGC, is likely to take control of the bank, the newspaper said. The Brazilian authority identified 1.3 billion reais ($637 million) in losses in possible frauds similar to those found at Banco Panamericano SA, Estado said.