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NEW YORK (TheStreet) -- Banco Bradesco (BBD) - Get Banco Bradesco SA Report stock is declining by 4.65% to $5.84 in midday trading on Wednesday, after the Brazilian real dropped more than 2% following the arrest of two key political and financial figures in the country, Reuters reports.

Banco Bradesco, a commercial bank based in Brazil, is also being dragged by weakness in the Sao Paulo exchange, where the bank's stock is declining by 3%.

Senator Delcidio do Amaral, the ruling party leader in the Senate and head of the economic affairs committee, and Andre Esteves, CEO of the financial company BTG Pactual, were arrested for allegedly obstructing a corruption investigation.

Petrobras (PBR, PBR.A) is at the center of the investigation, which is looking into price fixing and bribery claims within the state-run oil company, Reuters added.

Amaral's arrest is a setback for President Dilma Rousseff because the senator supported her unfavorable austerity measures that would help reduce the 2016 budget deficit, Reuters noted.

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