Banese endorses equity offering

Banese endorses equity offering

Equity Capital Markets Brazil

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

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