October 17, 2019 / 9:20 PM / 6 months ago

UPDATE 1-Brazil's BNDES fires director after divestment dispute -sources

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By Tatiana Bautzer and Rodrigo Viga Gaier

SAO PAULO/RIO DE JANEIRO, Oct 17 (Reuters) - The majority of the board of Brazilian development bank BNDES has voted to dismiss director Andre Laloni, who requested a leave of absence last week amid disagreements over asset sales, two people with knowledge of the matter said on Thursday.

One of the sources said the board members voted by phone in a meeting requested by BNDES Chairman Thadeu de Freitas.

Press representatives for Laloni and the bank could not immediately be reached for comment.

Laloni requested a leave of absence from the bank on Friday, after clashing with other directors over the sale of shares in state-controlled lender Banco do Brasil SA.

The former UBS banker was planning to sell most stakes owned by the bank through marketed follow-ons while bank staff preferred to sell shares through the development bank’s equities desk in Rio de Janeiro. He also tried to change internal rules regulating asset sales to accelerate the divestiture of a 120 billion-real ($29 billion) stock portfolio.

$1 = 4.1634 reais Reporting by Tatiana Bautzer in Sao Paulo and Rodrigo Viga Gaier in Rio de JaneiroEditing by Chris Reese and Cynthia Osterman

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