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Banco de Brasilia plans to sell stakes in its brokerage, card businesses

BRB-Banco de Brasília SA is actively seeking partners in both its brokerage and card businesses, president Paulo Henrique Costa said in an interview with Valor Econômico published Aug. 9.

The Brazilian institution seeks to maintain a majority stake in both companies, although the executive said their structures would depend on the potential proposals received from investment banks.

Costa said the bank is in the process of choosing financial advisers to find potential partners and to help develop a model for operating over-the-counter insurance products.

According to the executive, the broad strategy is to adopt a "more regional approach" in both central and western Brazil. Currently, BRB reportedly has 770,000 clients, of whom close to a third are public officials at the country's capital city, Brasilia.