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Banrisul halts guidance ahead of possible share offering

Banco do Estado do Rio Grande do Sul SA said Aug. 13 that it will discontinue its guidance disclosures due to a possible public offering of its shares by the state of Rio Grande do Sul, its controlling shareholder.

The bank's announcement seemingly contradicts an earlier report from InfoMoney that quoted Rio Grande do Sul Governor Eduardo Leite as saying that he intends to keep Banrisul a public institution.

According to Leite, the state should first manage its deficit before considering the privatization of Banrisul or any other public asset.

The sale of Banrisul shares is one of the conditions for the state's entry into the federal government's tax recovery program. However, the state's plan excluded the bank from the list of assets it would sell. That plan is still subject to the approval of the National Treasury.