Government approves conditions for Caixa Geral Brasil selloff

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The Portuguese government has approved the conditions that will apply for the selloff of Banco Caixa Geral – Brasil which is directly held by Caixa Geral de Depósitos.

The green light was given after the level of interest from investors in the proposed operation was collected and evaluated.
The Government has now approved and issued the specific conditions and guidelines under which a direct sale may be made.
With the approval, the Government has taken a further step to meeting commitments made as part of CGD’s strategic plan and linked to its capitalisation by the State.
At a press conference on Tuesday, Paulo Macedo said that there were “various interested parties,” and that the bank had received “non-binding offers.”
Macedo also said that “the proposal to sell would be handed to the Ministry of Finance which then, after being accepted or rejected, would be sent to the Council of Ministers.
As to the sale of operations in South Africa and Spain, Paulo Macedo said that CGD is awaiting authorisation and that “if the operations were completed by the end of the next quarter, the impact of the sale would have a positive impact on the bank’s accounts.”