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Brazil's economy minister suggests privatization, merger for Caixa

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Brazil's economy minister suggests privatization, merger for Caixa

Brazilian Economy Minister Paulo Guedes said Caixa Econômica Federal should be privatized or merged with Banco do Brasil SA if the main purpose of the state-run bank is to maximize profit, Valor Econômico reported.

However, the minister did not say whether such a merger would actually occur.

Speaking during an event, Guedes argued for lower interest rates on real estate financing as it would increase credit demand in the sector. Caixa, one of Brazil's biggest mortgage lenders, could use its excess revenue to lower interest rates, he said according to a Diário Comércio Indústria & Serviços report.