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Brazil government plans to shrink Banco do Brasil ownership stake

The Brazilian federal government is looking to sell off part of its stake in Banco do Brasil SA without yielding its controlling ownership position.

According to an Aug. 21 statement from the state-run bank, the government could sell up to 20,785,200 shares without giving up control of the institution. However, a final decision is yet to be made.

The government directly holds 52.16% of the bank's share capital currently, according to S&P Global Market Intelligence data.

The announcement came as the government earmarked nine more state-owned companies for privatization.

In July the government sold its stake in IRB-Brasil Resseguros SA through a secondary offering.