January 30, 2019 / 2:36 PM / 6 months ago

UPDATE 1-Brazil's Caixa wants to speed up IPOs of its subsidiaries

(New throughout, adds CEO comments, details on Caixa assets)

By Tatiana Bautzer

SAO PAULO, Jan 30 (Reuters) - The chief executive of Brazil’s Caixa Economica Federal, Pedro Guimaraes, wants to speed up the initial public offerings of its four insurance, asset management, lottery and credit card subsidiaries.

Speaking at an investment conference in Sao Paulo, Guimaraes said he wants to list at least two of these units this year, and hinted that the lottery one would be the first.

The four subsidiaries could be listed within 12 months, Guimaraes said, adding he is considering dual listings in Sao Paulo and New York.

Initially Caixa would list the companies and sell a minority stake. “We are not considering an IPO in which we would divest a controlling stake”, Guimaraes said. The idea is to sell around 30 percent of the units.

Caixa is considering the best model to distribute shares of its subsidiaries to its retail clients, including a specific allocation to individual investors, he added.

The new Caixa CEO said the government has already decided to divest as soon as possible from all stakes held by Caixa in listed companies, such as state-controlled oil company Petroleo Brasileiro SA.

Other initiatives to boost Caixa´s capital, according to Guimaraes, are the potential sale of up 2,000 branches to real state investment funds, which could raise between 2 billion reais ($538.4 million) and 5 billion reais ($1.35 billion).

Caixa could also securitize up to 100 billion reais of its mortgage portfolio over the next four years, the CEO said. Guimaraes said he would announce soon a securitization of a portion of its corporate loans portfolio.

Only after the government´s reorganization plan for Caixa has obtained its first results a potential listing of the whole bank will be considered, the CEO said. “But that is a decision to be taken by Economy Minister Paulo Guedes, not me”, he said. ($1 = 3.7150 reais) (Reporting by Tatiana Bautzer; Editing by David Gregorio)

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