Brazil sovereign fund sells more Banco do Brasil shares
Brazil's sovereign wealth fund sold a total of 11.8mn Banco do Brasil shares during the first quarter of the year, as part of the government's efforts to fill its fiscal gap.
The fund, called Fundo Fiscal de Investimentos e Estabilização, ended March with a total of 18.94mn shares of Banco do Brasil in its portfolio, which are expected to be fully sold in coming months.
It raised 500mn reais (US$148mn) with shares sold in the first quarter, without giving details on exact timing.
The sovereign fund's sale of the state-run bank's shares started last year, as the government began confronting a challenging scenario to improve its fiscal situation.
The Brazilian government currently has a controlling stake in Banco do Brasil and, in addition to the fund, also holds relevant shares via the national treasury.
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News in: Political Risk & Macro (Brazil)
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