January 8, 2019 / 4:11 PM / 8 months ago

Brazil's BNDES CEO says sales of stakes in companies will depend on market impact

RIO DE JANEIRO, Jan 8 (Reuters) - The Chief Executive Officer of Brazil’s state development bank said on Tuesday the pace of sales of stakes owned by its investment arm in Brazilian companies will depend on prices and market impact of the transations.

BNDES owns around 80 billion reais ($21.5 billion) in Brazilian companies. Levy also said the development bank has documents in its archives that may show what happened in the bank over the last years. President Jair Bolsonaro has said he will open BNDES’ “black box” and expose its allegedly corrupt lending practices in building “national champion” companies under the Workers’ Party 2003 to 2016 governments.

$1 = 3.7179 reais Reporting by Rodrigo Viga Gaier; Writing by Tatiana Bautzer

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