trending Market Intelligence /marketintelligence/en/news-insights/trending/ODuWeBE_yYsXuceHcCEM9A2 content esgSubNav
In This List

Brazil sovereign fund stake in Banco do Brasil reduced by half

Blog

Banking Essentials Newsletter: January 11th Edition

Blog

Banking Essentials Newsletter December 21st Edition

Blog

The Road to Basel IV: Navigating the challenge facing European banks

Blog

Basel Framework- Utilizing data to analyze the capital position of European banks.


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.