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Banco do Brasil to sell treasury shares if FI-FGTS participates in offering

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Banco do Brasil to sell treasury shares if FI-FGTS participates in offering

Banco do Brasil SA's board has decided that the bank will participate in a planned secondary offering of its shares if Brazilian investment fund FI-FGTS opts to sell its stake in the company.

The state-run bank said it will sell up to 64 million shares currently held in treasury in a follow-on offering, contingent upon the FI-FGTS's participation.

Sources recently told Valor Econômico that the follow-on share offering is expected to be priced by Oct. 17. The sale could include shares held by Brazil's federal government and the FI-FGTS, although the government will not relinquish its control of the bank.

According to that report, Banco do Brasil holds 78,903,599 shares in treasury, representing 2.76% of its total capital.

The government recently approved the sale of 20,785,200 common shares it holds in the bank.