BNDES chief hits back at candidates' plans to split bank, cut subsidies

BNDES president Aloizio Mercadante publicly criticized presidential candidates' proposals to split the state development bank or reduce its subsidies, defending the bank's role in national development. The remarks signal a political battle over the future of BNDES, with candidate Augusto Cury proposing a split and Flávio Bolsonaro's program supporting internationalization. The outcome could affect Brazil's industrial policy and credit allocation, but market impact is indirect and uncertain.