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Financials

Portugal's CGD bank is relaunching the sale of its Brazilian unit, board member says

LISBON, May 10 (Reuters) - Portugal’s largest bank Caixa Geral de Depositos (CGD) is relaunching the sales process for its Brazilian unit as part of its strategy to streamline its international presence, executive board member Francisco Cary told Reuters on Monday.

Banco Caixa Geral-Brasil bank, which serves mainly corporate customers, held assets worth 1.35 billion reais ($257.98 million) at the end of last year.

“BCG Brazil has continued to reconfigure and rationalise its structure and operations in 2020, and it has become evident that this is the opportune moment to test the market again, with the view of completing its sale,” Cary said in an emailed statement to Reuters.

This will be CGD’s second attempt to sell its Brazilian unit after it rejected three binding offers it received at the end of 2019 because it said they did not reflect the real value of the bank.

The bank last week received the Portuguese government’s green light for the sale of all or part of the unit. ($1 = 5.2329 reais) (Reporting by Sergio Goncalves, Editing by Victoria Waldersee, Ingrid Melander)

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