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Caixa will IPO Caixa Seguridade in September, CEO says

Caixa Econômica Federal will sell all of its noncore assets by June, and then focus on the divestment of four of its subsidiaries through public share offerings, Valor Econômico reported, citing comments from President Pedro Guimarães.

At a conference in Rio de Janeiro, the executive reportedly confirmed that an offering of Caixa Seguridade Participações SA will come first, in September, followed by its insurance and card units later in the year and its lottery and asset management businesses in the first four months of 2020.

The state-run bank hopes to garner 15 billion reais from the offerings.

"These listings will be historical. We had 70 meetings in the United States and everyone guarantees that the operations are already sold out," he reportedly said.

Analysts who spoke to S&P Market Intelligence earlier this year predicted that Caixa Seguridade likely would be first among the bank's divestments, since a similar asset from a peer bank, BB Seguridade Participações SA, had already gone public in 2013 in a well-received offering.

Guimarães also reinforced his intention to promptly divest the bank's stake in Petróleo Brasileiro S.A. - Petrobras.

"Caixa will exit a series of segments and will strengthen those which are the heart of the bank," Guimarães said.

As of March 14, US$ 1 was equivalent to 3.84 Brazilian reais.