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Brazil sovereign fund stake in Banco do Brasil reduced by half

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Brazil sovereign fund stake in Banco do Brasil reduced by half

The Brazilian government has already sold half of the Banco do Brasil SA shares it held in the Sovereign Fund of Brazil, or FSB, according to a report in Valor Econômico citing regulatory data.

The Banco do Brazil unit BB Gestão de Recursos-Distribuidora de Títulos e Valores Mobiliários SA has reduced the stake it was ordered to sell from 105,024,600 common shares down to 52,046,700, the publication noted.

BB Gestão de Recursos, which manages the FFIE investment and stabilization fund, had a 3.67% stake the fund held in the bank. FFIE's sole shareholder is FSB.

The money, however, has reportedly not yet been used to help battle the fiscal deficit, as the government decided to keep it for reserve purposes, Valor Econômico reported.