"This is a conservative calculation. It is the value that these companies would bring immediately to Caixa Econômica," stressed the president of the state-owned bank in an interview with local media Valor.
The document outlines a very positive scenario for the bank, which expects to contribute US$ 207 billion to the country, a figure that considers all operations made by the institution and the sale of assets. The bank is expected to close the year with a record net income of US$ 3.9 billion and says that the forecast of investments in housing can reach the mark of US$ 88.6 billion from 2019 to 2022. The measure would benefit 2.6 million families and generate 6.9 million jobs, according to Caixa.
In addition, Caixa works with the scenario that the FGTS will transfer to the bank US$ 4.15 billion for basic sanitation and another US$ 5.15 billion for infrastructure in four years.
Souza lists the measures adopted by the bank to improve governance and efficiency, as well as to reduce expenses, which contributed to the institution's compliance with the prudential rules of capital requirement set out in the Basle III agreement.
The president of Caixa stressed that the sale of stake in companies - called by him "monetization of assets" - should be maintained by his successor, Pedro Guimarães, who takes over the job with the task of continuing the plan of the Minister of Economy, Paulo Guedes, to privatize areas of the bank that are not related to public policies, but may arouse the interest of the private investor.
Caixa has been preparing to adopt these measures through the creation of specific companies to be privatized. "The program that is coming from the new government is totally aligning with what we are working on, especially on the issue of asset monetization," Souza said. "We have been working along the same lines [as the transition team proposes] since the beginning of 2018," he added.
With an optimistic view regarding 2019, Caixa's president said that the bank should launch a competition at the beginning of the year to complete the process of selecting Caixa's partner for insurance services housing and letter of credit, car and risks assets. He also recalled that the auction of the Exclusive Instant Lottery (Lotex), was postponed until February 5.
In Souza's assessment, Caixa is able to create other companies and then negotiate with the private sector, citing as example a microcredit company and another to transfer assets, such as real estate repossessed. In the case of the company that would receive assets, the bank could pass on the repossessed properties, which currently total 46 thousand units, to clear its balance sheet and open space to offer more credit. Caixa provides 100% of the value of each housing unit for non-payment.
Source: GMB / Valor
