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Report: Portugal selects investors to bid for Caixa Geral's Brazilian unit

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Report: Portugal selects investors to bid for Caixa Geral's Brazilian unit

The Portuguese government has selected investors to present binding offers for the acquisition of local lender Caixa Geral de Depósitos SA's shares in Brazilian unit Banco Caixa Geral Brasil SA, Reuters reported, citing a statement from the government.

The sale process is part of Caixa Geral's state-backed recapitalization plan and represents another strategic step in the schedule of commitments of that plan, according to the government. In 2017, the Portuguese lender unveiled a strategic plan that involved a roughly 50% reduction in its international assets by 2020. Caixa Geral has already sold its Spanish operations as part of the plan.

At the end of 2018, Banco Caixa Geral Brasil had assets worth 2.2 billion Brazilian reais, according to the newswire.

As of Aug 22, US$1 was equivalent to 4.05 Brazilian reais.