Brazil’s state-run bank Banco do Brasil reached an agreement to sell its stake in credit insurance company Seguradora Brasileira de Crédito á Exportação, or SBCE.
The bank sold its 12.1% stake in SBCE to French credit insurer Coface, which already has a 75.8% stake in the company.
Banco do Brasil sold its stake for 3.27mn reais (US$810,000).
Recently, a person close to the talks told BNamericas that Brazil’s development bank BNDES was also in talks to sell its stake in SBCE.
BNDES, via its equity arm BNDESPar, also owns a 12.1% stake in the company.
The SBCE divestment is part of the strategy of the management at Banco do Brasil and BNDES to sell non-core assets.