January 7, 2019 / 2:09 PM / 6 months ago

Brazil's state-controlled banks to depend less on Treasury funding

SAO PAULO, Jan 7 (Reuters) - The new chief executives of Brazil’s state-controlled banks BNDES and Caixa Econômica Federal said on Monday during their swearing-in ceremony that they will depend less on Treasury funding in coming years, in a sign President Jair Bolsonaro government wants to redefine the role of public banks.

Pedro Guimaraes, CEO of Caixa Economica Federal, said the bank will sell stakes in four units in order to repay loans given by the Treasury. (Reporting by Carolina Mandl Editing by Chizu Nomiyama)

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