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Banestes rejects report of privatization

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Banestes rejects report of privatization

Banestes SA -Banco do Estado do Espírito Santo said there are no plans toprivatize the state-run bank following a report suggesting that it could besold off.

In a July 15 filing, the bank rejected an A Gazeta report claiming that the stateof Espírito Santo could look to sell its ownership in the bank as part of abroader effort to raise funds. The state's governor, Paulo Hartung, reportedlysupports the privatization of some state assets in order to close a governmentrevenue shortfall. "Privatization is the bet we have to do to put thecountry in the economic growth route [again]," he recently said.

According to the publication, Banestes is the state's mostvaluable asset, worth an estimated 1.5 billion Brazilian reais.

In 2009, Banestes slated to be sold off to in a deal worthnearly 1 billion reais, but the two banks failed to finalize an agreement.

As of July 15, US$1was equivalent to 3.27 Brazilian reais.