VIE 29 DE MARZO DE 2024 - 02:30hs.
As of 1st quarter

Caixa wants IPO of lottery division in 2020, after Security and Cards subsidiaries

Caixa Econômica Federal intends to conduct a sequence of initial public offerings of shares (IPOs) from its subsidiaries as of early next year, said state bank president Pedro Guimarães. Speaking at an event at FGV, he mentioned that the first IPO will be that of Caixa Security. Then, the bank intends to make public de Cards division and, after that, Caixa Lotteries and the asset manager.

The first IPO will be Caixa Security. The executive added that the desire is to make the operation in the first quarter of 2020, but wants to carry out the process "with ease" and "after talks with the Court of Auditors of the Union."

Speaking at an event at FGV, Guimarães also stated that Caixa intends to make the IPO of its card area and, then, Caixa Lotteries and the asset manager. The executive declined to say how much the bank could raise from the operations, which include joint ventures.

Guimarães also reaffirmed that there are discussions in the government about changes in the Minha Casa Minha Vida (My House My Life) program for 2020. Without giving further details, Caixa's president questioned the need to maintain phase 3 of the housing program, aimed at families with gross monthly income of up to R$ 7 thousand (US$ 1,730).

The executive estimated that by mid-next year, Caixa will be prepared to launch a fixed-rate housing credit line, but if CEF manages to expedite the securitization of its home loan portfolio, currently valued at R$ 100 billion (US$ 24.8bn), this deadline can be anticipated.

Caixa is present in more than 5,400 Brazilian cities and by next year the bank intends to be in all 5,570 municipalities across the country through correspondent banks, lotteries and agencies, Guimarães said.

Source: GMB / Reuters