Banco Nacional de Desenvolvimento Econômico e Social, or BNDES, expects its divestment of its stakes in companies to reach 10 billion Brazilian reais in 2018, Diário Comércio Indústria & Serviços reported, citing the bank's Investment Director Eliane Lustosa.

The state-owned development bank has divested about 6 billion reais worth of holdings in several firms so far this year. For the whole of 2017, BNDES' divestments reached 7 billion reais.

Lustosa did not disclose details on the sales of the stakes, but noted that BNDES is also set to receive an additional 8.5 billion reais from the merger between pulp and paper companies Suzano Papel e Celulose and Fibria Celulose, which is still subject for regulatory approval.

BNDES' portfolio is still concentrated on stakes in large companies, but the bank looks to diversify it further, Lustosa said. "There was in the past a philosophy that the bank had a strategic portfolio and today it no longer exists. Any asset with liquidity and maturity is subject to sale," Lustosa added.

BNDES is also in talks with other banks about the sale of holdings through structured operations, which could be more profitable and beneficial for the bank, the executive said.

The development bank's shares in companies are managed by BNDES Participações SA.

As of Aug. 9, US$1 was equivalent to 3.81 Brazilian reais.