<SEC-DOCUMENT>0001292814-19-003311.txt : 20191108
<SEC-HEADER>0001292814-19-003311.hdr.sgml : 20191108
<ACCEPTANCE-DATETIME>20191002154402
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001292814-19-003311
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20191002

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANK BRADESCO
		CENTRAL INDEX KEY:			0001160330
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		CIDADE DE DEUS S/N VILA YARA
		STREET 2:		06029-900 OSASCO
		CITY:			SP BRAZIL
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT style="POSITION: relative; TOP: 0.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.05pt" face="Times New Roman">October 2, 2019</FONT></FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">VIA EDGAR</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Gus Rodriguez and Michelle Miller</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Office of Financial Services</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">United States Securities and Exchange Commission </FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">100 F Street, NE</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Washington, D.C.&nbsp;20549</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Re:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> &nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Bank Bradesco</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -1.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Form 20-F for the Fiscal Year Ended December 31, 2018</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -1.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Filed on April 30, 2019</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: 70.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">File No. 001-15250</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Dear Mr. Rodriguez and Ms. Miller:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">On April 30, 2019, Bank Bradesco, referred to herein as the &#8220;Company&#8221;, filed with the United States Securities and Exchange Commission its annual report on Form 20-F, for the fiscal year ended December 31, 2018, referred to herein as the &#8220;Annual Report.&#8221; The Company received a letter, dated September 18, 2019, with comments from the staff of the United States Securities and Exchange Commission on the Annual Report.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The following is the Company&#8217;s response to the staff&#8217;s comments contained in its letter dated September 18, 2019. Capitalized terms used but not defined herein are used as defined in the Annual Report.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="Times New Roman">Form 20-F for the Fiscal Year ended December 31, 2018</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="Times New Roman">Note 27. Loans and advances to customers, page F-106</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="Times New Roman">1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="Times New Roman">Please disaggregate, in future filings, the following disclosures by portfolio type (such as working capital, personal credit, etc.):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="Times New Roman">Reconciliation of gross book value of loans and advances to clients as presented on page F-107; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="times new roman">Reconciliation of expected losses from loans and advances to clients as presented on page F-107.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="POSITION: relative; TOP: 0.5pt" color=windowtext><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.15pt" color=windowtext face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="POSITION: relative; TOP: 0.5pt" color=windowtext><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.15pt" color=windowtext face="Times New Roman">Refer to IFRS 7.35(B) and (F) and 7.B.8.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In response to the staff's comments, the Company will provide, in future filings, a breakdown of the reconciliation of (i) gross book value of loans and advances to clients and (ii) expected losses from loans and for the advances to clients. In order to provide information that is appropriate and relevant to the needs of the users of the financial statements, the Company is </FONT>


<FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">currently assessing the level of aggregation / disaggregation that it will apply to the products presented in the first table on page F-107 of Form 20-F for the Fiscal Year ended December 31, 2018.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Mr. Gus Rodriguez / Ms. Michelle Miller</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">United States Securities and Exchange Commission </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">October, 02 2019<BR>Page </FONT><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT></FONT><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">2</FONT></FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></FONT><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">of </FONT></FONT><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">4</FONT></FONT><FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">In your reconciliation of expected losses from loans and advances to clients you disclose a line item for &#8220;constitution/reversion.&#8221; In future filings, please disaggregate the &#8220;constitution/reversion&#8221; line item to disclose amounts due to transfers between stages, including the remeasurement impact, originations, settlements, modifications, changes in economic factors, changes in model inputs and model changes. Refer to IFRS 7.35I.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="times new roman">In response to the staff's comments, for upcoming filings, the Company will improve the disclosure related to its line item &#8220;constitution/reversion&#8221;, in order to provide the further details requested by the staff.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Please also disclose how you determine when there is a significant increase in credit risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Refer to IFRS 7.35F(a).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">In response to the staff's comments, the Company notes that its financial statements as of and for the year ended December 31, 2018 as included as part of its Annual Report contain disclosure about the determination of the significant increase in credit risk on page F-46 of the Annual Report. However, for future filings, the Company will improve its disclosure by adding the sentence underlined below to the existing disclosure included in its financial statements and will also improve the disclosure about the criteria considered to identify a significant increase in credit risk and the impact on the stages:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Measurement of credit risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Periodically, the Company evaluates the expected losses of the exposures subject to credit risk by means of statistical models and internal processes, considering the historical loss experience, which comprises approximately 8 years, as well as the current quality and characteristics of clients and operations, including their guarantees. Macroeconomic information is also used in the measurement by means of econometric models that incorporate the current and prospective effects of economic variables in the estimates of expected loss. The main macroeconomic variables used in this process are linked to interest rates, inflation rates and internal and external economic activity indexes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The significant increase in credit risk is determined through different indicators for classification in stages, according to the client's profile, the product type and the current payment status</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">. Below we present the breakdown of segments, according to the relevant stages and indicators.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Mr. Gus Rodriguez / Ms. Michelle Miller</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">United States Securities and Exchange Commission </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">October, 02 2019<BR>Page </FONT><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT></FONT><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">3</FONT></FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></FONT><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">of </FONT></FONT><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">4</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="times new roman">Retail Segment:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="times new roman">Stage 1: up-to-date exposure or 30 days in arrears;</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="times new roman">Stage 2: exposure between 31 and 90 days in arrears, except for any residential real estate financing that is between 31 and 180 days in arrears, or classified as &nbsp;medium or high risk pursuant to our internal ratings;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="times new roman">Stage 3 (Default or "impaired"): exposure over 90 days in arrears, except for any residential real estate financing that is above180 days in arrears.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="times new roman">Wholesale Segment:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="times new roman">Stage 1: up-to-date exposure or 30 days in arrears;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="times new roman">Stage 2: exposure between 31 and 90 days in arrears, except for any residential real estate financing that is between 31 and 180 days in arrears, or classified as medium or high risk pursuant to our internal ratings;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="times new roman">Stage 3 (Default or "impaired"): material exposure due beyond 90 days, except for any residential real estate financing, which is due over 180 days and/or that showed signs that it would not be honored at the agreed conditions without the execution of guarantees, such as: bankruptcy events, judicial recovery and restructuring of debts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">* * * *</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">In accordance with your request, we acknowledge that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 37.8pt; TEXT-INDENT: -19.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">the Company is responsible for the adequacy and accuracy of the disclosure in its filings with the Commission;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 37.8pt; TEXT-INDENT: -19.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 37.8pt; TEXT-INDENT: -19.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The Company is grateful for your assistance in this matter and we hope that the response adequately addresses the staff&#8217;s comment. Please contact us, if you have any comments or questions regarding the Company&#8217;s responses to the staff&#8217;s comments and the Annual Report. </FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 24pt 5.25in; TEXT-INDENT: -0.25in"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">Sincerely,</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 4.5in"><U><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Octavio de Lazari Junior</FONT></U></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 4.5in"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">Octavio de Lazari Junior<BR>Diretor Presidente</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">Enclosures</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">Cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mr. Rodrigo Lia</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPMG Auditores Independentes</FONT></P></DIV>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Mr. Gus Rodriguez / Ms. Michelle Miller</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">United States
Securities and Exchange Commission </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=PT-BR style="font-size:12.0pt;">October, 02 2019<br>
Page </font><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:12.0pt;"></font></font></font><font style=""><font face="Times New Roman" lang=PT-BR style="font-size:12.0pt;">4</font></font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font></font><font style=""><font face="Times New Roman" lang=PT-BR style="font-size:12.0pt;">of </font></font><font style=""><font face="Times New Roman" lang=PT-BR style="font-size:12.0pt;">4</font></font><font style=""></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=PT-BR style="font-size:12.0pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=PT-BR style="font-size:12.0pt;">&nbsp;</font></font></p>

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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=PT-BR style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=PT-BR style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Mr.&#160; Anand Saha</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Clifford Chance US LLP</font></p>




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