Since the Michel Temer administration, Caixa (Brazil’s largest exclusively government-owned bank) has gone about cutting costs. Last year, the bank proposed a voluntary redundancy program aiming at BRL 324 million in savings. Now, it has confirmed its much-anticipated plan to sell off shares in Petrobras shares. According to an offering reported to the Securities and Exchange Commission, Caixa wants to raise BRL 7 billion.
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