Americanas investigated for bank collusion, pledges compliance with recovery plan

A Rio de Janeiro federal judge identified indications that banks Itaú and Santander worked together to conceal financial information of retailer Americanas. The judge authorized search and seizure warrants against bank executives as part of Operation Disclosure, launched on 25 June. Text messages between bank directors suggested coordinated issuance of audit letters that omitted the retailer’s real debts, allowing Americanas to mask insolvency and hide heavy loan commitments.

Americanas said it is complying fully and regularly with all obligations in its court‑approved recovery plan, asserting no delays or incomplete payments to creditors. The company noted that less than 0.3% of creditors opposed the plan’s closure and that both the court‑appointed administrator and the Public Ministry have issued favorable opinions. It rejected media reports as inaccurate and contextualised, emphasizing that disputed matters have already been addressed in the appropriate forums.