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Brazil government shifts part of Banco do Brasil stake ahead of sale

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Brazil government shifts part of Banco do Brasil stake ahead of sale

Banco do Brasil SA said Brazil's economy ministry transferred 20,785,200 common shares owned by the government to Banco Nacional de Desenvolvimento Econômico e Social, another state lender.

The government approved the sale of the shares earlier in the week, although it noted that it will continue to have control of Banco do Brasil. The shares account for about 1.4% of the government's 1,453,493,742 voting shares, equivalent to a 52.16% stake, in the bank, according to S&P Global Market Intelligence data.