Founded in 1861, Brazilian federal savings bank Caixa Economica Federal (CEF), the country's second largest public bank in terms of assets, engages in various business activities including real estate loans, basic sanitation, urban infrastructure and commercial banking, as well as urban and social development work. The Brasilia-based company provides commercial and retail banking services and investment banking services throughout the country. Through its subsidiaries, the bank administers lotteries and manages development funds, including Brazil's federal unemployment insurance fund (FGTS) and a federal infrastructure fund (FI-FGTS) dedicated to private sector investments in basic sanitation, solid waste management, energy, roads, waterways, railways and ports. CEF's insurance arm Caixa Seguradora S.A., a JV between French group CNP Assurances and the bank, offers an array of insurance and pension plan products. The bank is also the main fiscal agent for the government, providing financing for federal housing, education and infrastructure projects. It was recently tapped to help carry out programs such as Brazil's growth acceleration plan (PAC).