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Public banks have been gaining market share since the financial crisis of 2008, when private banks withdrew. They became even more aggressive in 2012, given the determination of President Dilma to cut interest rates to force competition in the banking market. Because of the aggressiveness of public banks in the last five years, more than half of the existing debt in the country today is the State. So when you hear some expert complaining of "credit nationalization", you can be sure: he cries on behalf of private banks, required to hold the interest and reduce profits not to lose even more customers to the Bank of Brazil and the Caixa Econômica Federal.
The truth is that the national financial system is strong, and gradually, the private banks turn to believe in Brazil, taking more aggressive positions in the supply of credit and recovering market share.
In 2002, total loans granted by the National Bank for Economic and Social Development (BNDES) were around R$ 38 billion. With Lula, the Bank surpassed the R$ 168 billion mark. With Dilma, lending increased to R$ 190 billion. The BNDES has played an important role in providing the necessary resources to maintain productive investments in the economy. This attitude has proved especially important since 2008, with the international financial crisis. From then on, as never before in its history, the BNDES lives up to each letter of his name.