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Report: Sale of Banco do Brasil stake held by sovereign fund to complete in 2018

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Report: Sale of Banco do Brasil stake held by sovereign fund to complete in 2018

Ana Paula Vescovi, Brazil's National Treasury Secretary, said the sale of shares in Banco do Brasil SA held by the Sovereign Fund of Brazil, or FSB, will be completed by the end of 2018, earlier than the 2019 deadline previously set, according to a report in Valor Econômico.

Vescovi also reportedly revealed that resources from the FSB fund were not included with the government's 2017 accounts because the sale of the shares was not completed.

In May, the Brazilian government ordered the Banco do Brasil unit BB Gestão de Recursos-Distribuidora de Títulos e Valores Mobiliários SA, which manages the FFIE investment and stabilization fund, to sell a 3.67% stake the fund held in the bank.

FFIE's sole shareholder is FSB. In November, the size of the stake on sale was reduced by half.