December 10, 2019 / 6:08 PM / 2 months ago

Banco do Brasil CEO says bank unlikely to be privatised

FILE PHOTO: The Banco do Brasil logo is seen outside a bank office in Sao Paulo, Brazil August 9, 2018. REUTERS/Paulo Whitaker/File Photo

BRASILIA (Reuters) - Brazilian state-controlled lender Banco do Brasil’s (BBAS3.SA) Chief Executive Rubem Novaes on Tuesday predicted the bank was unlikely to be privatised even though he would favor such a move.

In an audience in Brazil’s lower house to explain his previous comments supporting the bank’s privatization, Novaes said such a move would be up to politicians and that President Jair Bolsonaro had already ruled it out.

Reporting by Marcela Ayres, in Brasilia; Writing by Carolina Mandl; Editing by Christian Plumb and Chris Reese

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