Banco Santos

Former head of Banco Santos arrested

The former head of Brazil’s Banco Santos, Edemar Cid Ferreira, has been arrested on suspicion of committing fraud while managing the bank.

Mr Ferreira was arrested at his mansion located in Sao Paulo’s wealthy Morumbi area, Federal Police said.

Creditors who invested in banks owned or connected to Mr Ferreira have seen losses approaching $1bn (£685m)