September 9, 2019
Brazilian bank Banese said on Friday that its board approved a proposed share sale by the Sergipe state government, which owns 89.8% of the state-run lender.
The state government said last month that it could sell 45% of the common shares and 40% preferred shares that it owns in Banese, but it added that it intends to keep control.
Banese now has permission from the board to hire underwriters for a share sale, but it has not defined the size of the offering or set a date.
Sergipe holds 46.8% of
Sergipe state bank has board permission to hire underwriters for a follow-on