January 7, 2019 / 8:52 PM / 8 months ago

Brazil's Caixa CEO rules out its own privatization

FILE PHOTO: Economist Pedro Duarte Guimaraes, arrives for a meeting at the transition government building in Brasilia, Brazil November 22, 2018. REUTERS/Adriano Machado

BRASILIA (Reuters) - The new chief executive of Brazilian state-controlled bank Caixa Econômica Federal, Pedro Guimarães, ruled out on Monday that he would seek to privatize the organization he now leads, saying he will only seek the partial sale of some units.

In an event in which he formally took over the role of CEO, Guimarães said that the profitability of the bank’s insurance unit could double in two years after an initial public offering.

Reporting by Tatiana Bautzer; Editing by Phil Berlowitz

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