January 27, 2020 / 9:46 PM / a month ago

Brazil govt raises 1 bln reais from Banco do Brasil share sale

BRASILIA, Jan 27 (Reuters) - Brazil’s government said on Monday it has raised 1.06 billion reais ($252 million) from a sale of shares in state-run Banco do Brasil SA carried out last week via the BNDES national development bank.

“This will be 1.06 billion reais returning to the public coffers to reduce debt or to be invested in improving taxpayers’ quality of life,” Salim Mattar, secretary for privatization at the Economy Ministry, said in a statement.

The share sale had been included in the government’s asset disposal program unveiled last August, and was concluded on Thursday, the government said.

Earlier on Monday, Reuters reported that Banco do Brasil was planning reforms to better compete with private rivals, after President Jair Bolsonaro quashed an attempt by management to fully privatize the lender, according to four people familiar with the matter. (Reporting by Jamie McGeever; editing by Jonathan Oatis)

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