"The expectation is to generate almost US$ 25 billion with these operations," said Laloni, citing Caixa's subsidiaries and assets in government funds managed by the bank as targets for transactions. "It's all under analysis," he said. The deadline for carrying out all operations was not detailed.
For April 26, it is scheduled the auction of the Exclusive Instant Lottery (Lotex) concession. The president of Caixa, Pedro Guimarães, said he sees the operation as very positive. "The more competition, the better."
In January, the bank announced it plans to sell at least four of its assets in the next 12 months. According to Guimarães, two operations are already scheduled for the second half of this year: the card and security divisions.
The asset and lottery management areas of the bank are scheduled for the first half of 2020. "The asset area takes longer because it needs authorization to open the company, and all the rest are already open," said Caixa’s president.
Because it is a state-owned 100% public, unlike Petrobras and Banco do Brasil, which trades on the stock exchange, Caixa may sell its subsidiaries to raise funds and pay a debt of US$ 10 billion of the bank with the Federal Government.
Caixa will use lottery and correspondents network to sell insurance and cards
Caixa Econômica Federal will use its entire retail network to increase the sale of insurance products and cards. Guimarães affirmed that lottery and banking correspondents are an alternative that complements the service of a bank branch.
"We are evaluating how these networks can help in terms of revenue," he told reporters during a presentation of the bank's results. The institution has a network of 13 thousand lottery and 8,5 thousand exclusive bank correspondents. The idea for these points is to be used not only for the receipt of bills but also for the sale of lower value insurance and investment products.
Caixa recorded a recurring net income (not considering extraordinary operations) of US$ 3.257 billion in 2018, a 40% increase compared to that presented in 2017. In the period, revenues from services increased by 7.2%, totaling US$ 6.85 billion. The loan portfolio reached US$ 176.8 billion, a reduction of 1.7%.
The bank's strategy also includes the opening of the capital of four business units. Card and insurance companies are expected to hold their initial IPO in the second half of this year. The lotteries and asset manager remain for the first half of 2020.
Guimarães said that operations are necessary so that Caixa can afford to dedicate itself to its main activities (housing loans, infrastructure and operations with individuals) and also to return to the Treasury a total of US$ 10 billion. “The Minister of Economy, Paulo Guedes, gave us four years to do this. We will return it if there is room for that," he said.
Source: GMB
