Exclusive: Banco do Brasil plans reforms after failed privatization bid - sources [Reuters]
Banco Bradesco Sa American Depositary Shares (each representing one Common Share) (BBDO)
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Source: Reuters
Exclusive: Banco do Brasil plans reforms after failed privatization bid - sources SAO PAULO/BRASILIA (Reuters) - Brazilian state-controlled bank Banco do Brasil SA ( BBAS3.SA ) is planning reforms to better compete with private rivals, after President Jair Bolsonaro quashed an attempt by management to fully privatize the lender, according to four people familiar with the matter. The plan includes changing employment rules to make it easier for the bank to hire and fire staff and remove some pay restrictions, said these people, who declined to be identified because the plan is not public yet. They added the plan also calls for the bank to maintain its dividend payout ratio even as it expects asset sale proceeds to add to profits in the coming months, and form partnerships with financial technology and other startups. The plan was approved by the bank’s board late last year, two of the sources said. Portuguese-language paper Valor Economico reported on Thursday the bank’s plan to form
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