Funds News

Brazil government to sell shares in IRB Brasil listing -filing

SAO PAULO, May 30 (Reuters) - The Brazilian federal government will be among the shareholders selling some or all of its stakes in IRB Brasil Resseguros SA through an initial public offering, according to documents filed with securities regulator CVM on Tuesday.

State-owned fund FGEDUC, which serves as a guarantor of subsidized college loans, will unload an undisclosed amount of IRB’s common shares, the documents showed, joining the insurance units of Banco do Brasil SA, Banco Bradesco SA and Itaú Unibanco Holding SA.

Bradesco’s investment banking unit will be the lead underwriter of the transaction, alongside Banco Brasil Plural SA, Banco BTG Pactual SA and Bank of America Merrill Lynch. (Reporting by Bruno Federowski, editing by G Crosse)