April 1, 2019 / 12:43 PM / 3 months ago

Brazil's Caixa seeks proposals from banks to manage sale of Petrobras stake -source

SAO PAULO, April 1 (Reuters) - State-owned lender Caixa Econômica Federal has invited investment banks to submit proposals to manage the sale of its 9-billion-reais stake in Brazil’s Petroleo Brasileiro SA, a source with knowledge of the matter said on Monday.

Reuters reported in February that Caixa was close to selling its 2.3 percent stake in Petrobras, as the oil company is known. The stake may reach 9 billion reais in value.

Caixa will select the best proposals from banks to manage the offering. The share price is likely to be set in May, the source added, asking not to be named as the plans are still private. Representatives at Caixa did not immediately comment.

The sale of the Petrobras stakes will be the second large divestiture under Caixa Chief Executive Officer Pedro Guimaraes, who took the helm in January.

Last month, Caixa sold a 2.4-billion-reais stake in reinsurer IRB Brasil Resseguros SA. Caixa also intends to list at least four Caixa units: asset management, credit cards, lottery and insurance.

On Friday, the state-owned lender posted recurring net income of 12.7 billion reais in 2018, up 40 percent from the previous year. (Reporting by Carolina Mandl; Editing by Jeffrey Benkoe)

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