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Lobby tries to prevent banks from doing their own transportation of valuables

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Lobby within the National Congress tries to prevent banks from operating in the transportation of valuables market, the so-called armored car. The Republic Party or PR is at the forefront of the process.

Draft bills and amendments to projects and provisional measures are being prepared to ensure that this type of transport can not be carried out by the companies responsible for the cargo, which would remove banks from the market. The rationale is that financial institutions would be the ones interested in transport, which would, according to the proponents, cause distortions in the market.

Sector of transportation of valuables is one of the most lucrative on the market. The president of the Senate, Eunício Oliveira, is a partner of the “Confederal Vigilancia e Transporte de Valores” one of the sector’s leaders in Brazil. According to the site of the Attorney General of National Treasury or PGFN, the company has at least R$8,478 million reais, about 2.7 million dollars in debts with the Federal Government.

Banks are coordinating to operate that type of transportation because of what they consider high cost charged by companies for the service.