The Brazilian public bank Caixa Econômica Federal shared its intentions to resume the initiative to launch several operating verticals, such as lotteries, digital banking and cards, on the Stock Market. The bank may soon start selling shares through an initial public offering (IPO).
The President of the organization, Pedro Guimarães, said that he has the intention of ‘resuming market operations’ so at the moment there is a ‘total focus on the sale of shares of the subsidiaries’.
Guimarães highlighted that the ‘IPOs are a legacy’ that he intends to leave in the institution, ‘since the presence of minority shareholders tends to reinforce governance’.
According to BNL Data, the executive also said that the bank wants to keep its branches in all cities with more than 40,000 inhabitants. On the other hand, Caixa wants to close its branches in areas with a low number of clients.
Caixa potentially shutting down some of its branches isn’t the only thing that could affect operations in those cities, as Banco do Brasil, Caixa’s former partner, announced a restructuring plan that includes the closure of more than 100 branches.
Earlier this week, the Government of the Maranhão state and the Lotería de Maranhão invited the private sector to an online meeting to present the conditions of the upcoming bidding process.
Maranhão Parceiras, a state regulator in charge of evaluating and approving partnerships between the private and public sectors, will handle all processes related to the operation.
