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New head of Brazil's Caixa unveils strategy

Bnamericas Published: Thursday, January 03, 2019
New head of Brazil's Caixa unveils strategy

The new president of Brazil's Caixa, Pedro Guimarães, said that the state-run bank will focus on the mortgage market and lending to small businesses.

Caixa has to provide housing loans for the poorest sections of the population and support small enterprise owners with financing, Guimarães said at a press conference where he was officially presented as head of Caixa.

The largest lender in Brazil, Caixa ended the third quarter with a loan portfolio worth 649bn reais (US$171bn), according to figures from the central bank.

Guimarães also said that he plans to sell shares in the bank's subsidiaries via IPOs, with Caixa retaining the control after the sales.

Caixa has insurance, plastic card and lottery business subsidiaries.

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