Banco Indusval SA approved the sale of the minority stake it holds in Guide Investimentos SA Corretora de Valores to the bank's controlling shareholder and chairman, Roberto de Rezende Barbosa, according to a company filing.

The sale, which corresponds to about 20% of Guide's capital stock, was reported at 120 million Brazilian reais by Reuters.

The amount of the sale is subject to possible adjustments of plus or minus 1 million reais, due to liquidity events, according to the report.

The board decided to sell the bank's stake based on independent evaluations, as well as those of a special committee. The sale is expected to raise the bank's Basil index within the levels determined by the central bank and consolidate the value of the bank's stock.

As of Dec. 12, US$1 was equivalent to 4.10 Brazilian reais.