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Banco do Brasil unit completes FFIE stake sale

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Banco do Brasil unit completes FFIE stake sale

Banco do Brasil SA said the FFIE, the Investment and Stabilization Fund, completed the sale on May 29 of a 3.67% stake it had held in the bank.

The FFIE is managed by Banco do Brasil unit BB Gestão de Recursos-Distribuidora de Títulos e Valores Mobiliários SA and is solely owned by the Sovereign Fund of Brazil.

In May 2017, Brazil's Treasury ordered the Banco do Brasil unit to sell the stake, as the government looks to gradually eliminate the FFIE as part of austerity measures to reduce the fiscal deficit.