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Temer's team considering Caixa IPO

Bnamericas Published: Tuesday, May 10, 2016
Temer's team considering Caixa IPO

Brazil's vice president Michel Temer and his team are considering an IPO for public bank Caixa Econômica Federal.

If the senate votes to impeach President Dilma Rousseff on Wednesday, Temer will become the country's interim president.

Local daily Estadão reported that Caixa has a plan to go public in the next two years. An IPO was considered by Rousseff at the end of last year, but only for the bank's insurance subsidiary, Caixa Seguridade. That offering was postponed in October due to unfavorable market conditions.

Now that Gilberto Occhi has replaced Miriam Belchior as president of Caixa, the bank's IPO is expected to move forward more quickly. The new head of Caixa has spent his entire career at the bank, while Belchior had been appointed by Rousseff to make sure then-finance minister Joaquim Levy's strict fiscal adjustments did not reach social programs the Workers' Party is known for, according to Estadão.

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