November 12, 2019 / 4:31 PM / a month ago

Brazilian lender Caixa to sell stake in Banco Pan in 3 years - CEO

SAO PAULO, Nov 12 (Reuters) - Brazilian state-owned bank Caixa Economica Federal intends to fully sell its 34.3% stake in mid-sized lender Banco Pan SA in up to three years, its Chief Executive Pedro Guimaraes told journalists on Tuesday.

The sale is part of a larger strategy of selling non-core businesses as a way to return funds to the Brazilian government. Caixa’s third-quarter net income surged nearly 70% from a year earlier, to 8 billion reais ($1.92 billion), mainly on government bonds it sold, according to a statement on Tuesday. (Reporting by Aluisio Alves; Writing by Carolina Mandl Editing by Chizu Nomiyama)

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