August 22, 2019 / 2:43 PM / a month ago

Portugal picks investors for next round of CGD Brazil sale

LISBON, Aug 22 (Reuters) - Portugal’s government said on Thursday it had picked investors to take part in the next stage of bidding for the Brazilian unit of state-owned bank Caixa Geral de Depositos (CGD), which would involve making binding offers.

The sale of Banco Caixa Geral Brasil, which serves mainly corporate customers and had assets worth 2.2 billion reais ($544 million) at the end of last year, has been part of CGD’s previously announced recapitalisation plan.

“The selected investors will be invited ... to present binding proposals for the acquisition of shares,” the government said in a statement, without naming the potential bidders.

“This step concludes another strategic step in the schedule of commitments under the CGD recapitalisation by the state.”

Under the 4 billion euro ($4.4 billion) plan announced in 2017, Portugal’s largest bank said it would slash its foreign assets by half by 2020 to no more than 12 billion euros. It has previously sold its subsidiaries in Spain

($1 = 4.0457 reais)

$1 = 0.9033 euros Reporting by Andrei Khalip; Editing by Mark Potter

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