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Banco do Brasil does not need to sell stake in Patagonia, CEO says

Banco do Brasil SA CEO Paulo Caffarelli said the bank does not need to sell its stake in Argentina-based Banco Patagonia SA and instead will make a follow-on offering at "the best moment" on the Argentine stock market, El Cronista reported.

A follow-on offering makes more sense because the Banco Patagonia remains profitable, the executive said, adding that the Brazilian state-owned bank does not intend to dump core assets, the executive said.

Brazil will have its presidential elections in 2018, and it would be rare for a sale to be made in an election year, the report said.

Caffarelli earlier said the bank should see return on equity of above 10% for 2018, with its profitability levels inching closer to those of its private sector rivals by 2019.