BRASILIA, Dec 22 (Reuters) - Brazilian President Dilma Rousseff said on Monday that her administration would hold an initial public offering of state-run mortgage lender Caixa Economica Federal, though she did not foresee this happening soon.
Listing shares of Caixa would allow the federal government to raise much-needed funds as it focuses on improving fiscal discipline and warding off a potential downgrade of Brazil’s credit rating.
“I will (publicly list Caixa), but it is a slow process,” Rousseff told reporters after a press breakfast in Brasilia, without elaborating further.
Caixa is Brazil’s third-largest bank by total assets and the nation’s top issuer of home loans. In September the bank had assets of 1 trillion reais ($377.36 billion), according to central bank data.
$1 = 2.65 Brazilian reais Reporting by Jeferson Ribeiro; Writing by Asher Levine; Editing by W Simon