March 13, 2020 |
Brazil's federal savings bank Caixa Econômica Federal said on Thursday that it postponed a planned initial public offering (IPO) by its insurance division, Caixa Seguridade, until market conditions improve.
The bank said it asked local securities regulator CVM to interrupt its analysis of the IPO "due to the current market situation," according to a securities filing on Thursday.
Trading on the B3 stock exchange in São Paulo halted twice on Thursday after the Ibovespa index dropped more than 11%
Federal savings bank cites "current market situation" as a reason to delay a deal