The São Paulo state government plans to use 1bn reais (US$411mn) from the 5.39bn-real sale of its majority stake in bank Nossa Caixa to start a state development agency, governor José Serra told a press conference.
Federally controlled Banco do Brasil (BB) announced Thursday (Nov 20) it would make 18 monthly payments of 299mn reais to the state for its 71.2% controlling stake in Nossa Caixa.
The agency is expected to begin operation in the first half of 2009 and will focus on SME development in São Paulo, local business daily Valor Econômico reported.
The government has not yet set a name for the agency, but will hire 50 employees to manage its closed capital base, with BB actually attending the agency's clients, that report quoted Serra as saying.
Earlier this month, there was speculation the state would use part of the funds from the sale to start something akin to a local version of national development bank BNDES.
No comments:
Post a Comment