SAO PAULO, Feb 8 (Reuters) - The chief executive of
Brazil's biggest private lender Itau Unibanco said on
Wednesday that the accounting inconsistencies that led retailer
Americanas SA to request bankruptcy protection
represent a case of 'fraud'.
Milton Maluhy Filho's remarks came after Itau, which had a
multi-million-dollar exposure to Americanas, had to set aside
more cash for bad loans in the fourth quarter.
Maluhy added that Itau has not identified any case similar
to that of Americanas, which reported around $8 billion in debt
after disclosing "inconsistencies" in its accounting.
(Reporting by Aluisio Alves; Editing by Steven Grattan)
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