Cruzeiro Mum on Losses (1)

Banco Cruzeiro do Sul says it is still evaluating its financial situation and that it “is not possible to identify any losses or revisions at the institution or its subsidiaries.” The statement follows reports that losses at the mid-size bank are larger than expected. The Brazilian bank is under review by the government’s Fundo Garantidor de Credito, which will evaluate Cruzeiro’s possible accounting irregularities and how they will impact its capital, after which the bank is expected to be prepared for sale.