Brazil's central bank takes over Banco Santos

Brazil's central bank took over operations of Banco Santos on Friday evening, in response to the bank's weak financial situation and its failure to meet deposit requirements.

Paulo Sergio Cavalheiro, the central bank's supervision director, described how requirements for Banco Santos to make provisions for bad loans had left it with negative capital, and how the bank had failed to meet banking deposit requirements with the central bank several times over the previous month.

The central bank wa