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Name | Symbol | Market | Type |
---|---|---|---|
Banco Do Brasil SA (PK) | USOTC:BDORY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.20 | 3.98% | 5.23 | 5.05 | 5.25 | 5.28 | 4.92 | 5.01 | 396,740 | 21:00:56 |
By Luciana Magalhaes and Jeffrey T. Lewis
SÃO PAULO--Brazil's government is considering a possible initial public offering of shares in the insurance company controlled by state-owned bank Caixa Econômica Federal and French insurer CNP Assurances, Finance Minister Joaquim Levy told reporters on Wednesday in Brasília.
It wasn't immediately clear how the IPO and resulting shareholdings would be structured. According to Mr. Levy and Caixa's chief executive officer, Miriam Belchior, who was also present, the government is starting the preparatory phase for the possible share offering. All parties involved, including the French partner, will be consulted about the plan, they said.
CNP had no immediate comment on the Brazilian move.
The minister said the government will follow normal steps for an IPO and could conclude the viability study for the offering by the end of this year.
Caixa Econômica Federal holds a 48.21% stake in the unit, Caixa Seguradora, while CNP Assurances owns 50.75% of the shares.
Just two years ago, Banco do Brasil, the country's largest government-run bank, raised 11.5 billion reais ($3.72 billion) from the spinoff of its pension and insurance unit, BB Seguridade. That share sale was the largest in the world in 2013.
BB Seguridade's offer would serve as a reference for an IPO of Caixa's insurance unit, according to Mr. Levy.
Caixa is one of Brazil's largest banks by assets and the nation's top issuer of home loans. Raising new capital through a share sale would strengthen Caixa and benefit insurance buyers in Brazil, according to the Finance Minister.
"Insurance activity has a direct relation with income level of the countries," Mr. Levy said. "As in many other areas, Brazil is transforming itself" in the insurance market.
Brazilian President Dilma Rousseff said in late 2014 that the government was considering an IPO for Caixa Econômica Federal at some point in the future, but the plans didn't go ahead. Caixa's CEO on Wednesday said the bank will continue to be entirely owned by the government.
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