December 19, 2019 / 10:25 PM / a month ago

Credit Suisse wins BNDES mandate for $6 billion Petrobras share offering: sources

FILE PHOTO: A logo of Brazilian National Development Bank (BNDES) is seen during a swearing-in ceremony of the bank's new president, in Rio de Janeiro, Brazil, January 8, 2019. REUTERS/Sergio Moraes

SAO PAULO (Reuters) - Brazilian development bank BNDES chose the investment banking unit of Credit Suisse Group to manage a share offering to divest about 24 billion reais ($6 billion) of its stake in oil firm Petrobras, two people with knowledge of the matter told Reuters.

The partial divestment of BNDES’s stake in Petroleo Brasileiro SA, as the state-controlled oil firm is formally called, is part of President Jair Bolsonaro’s push to reduce the government’s role in the economy. BNDES has roughly 50 billion reais in Petrobras shares.

Reporting by Carolina Mandl and Tatiana Bautzer; Editing by Leslie Adler

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