RIO DE JANEIRO -- The Brazilian Bank Federation (FEBRABAN) Sunday congratulated Luiz Inacio da Silva for his victory in the presidential elections and expressed its willingness to cooperate toward creating a healthy financial system.

"In accordance with the vision of FEBRABAN, a country's healthy, ethical and efficient financial system is an essential condition for economic and social development," the influential banking group said in an official note.

The federation, the note added, "Is willing to cooperate with the government in many of its project," particularly in seeking solutions for sustainable development. The group said it "salutes President-elect Luiz Inacio Lula da Silva," and said it expected he would stick to his campaign promises to combat inflation and "respect institutions and contracts." FEBRABAN wished Lula "full success in the challenge of leading the nation within the commitments expressed in his letter to the Brazilian people."

In this letter, published in June, Lula expressed his decision to respect "the contracts and obligations of the country." And his "historic commitment to the battle against inflation," in a bid to calm financial markets.