Day: January 27, 2020

Banco do Brasil plans reforms after failed privatisation bid

Brazilian state-controlled bank Banco do Brasil SA is planning reforms to better compete with private rivals, after President Jair Bolsonaro quashed an attempt by management to fully privatise it. The plan includes changing employment rules, maintain its dividend payout ratio, and forming partnerships with financial technology and other startups.

Oi hires BofA to accelerate mobile telephony sale

Oi (OIBR4) hired Bank of America to accelerate the sale of its participation in mobile telephony. The operators Vivo, Claro and Tim were informed of the operation with which Oi expects to obtain R$15 billion ($3.5 b). The announcement comes days after Oi (OIBR3) confirmed the sale of Unitel, its subsidiary in Africa, to Sonangol, for $1 billion.

Brazil’s Taurus to produce and sell guns in India

Brazilian gunmaker Taurus Armas SA has signed a joint venture with Indian steelmaker Jindal Group to produce and sell guns in India. Under the agreement, Jindal will hold a 51% stake in the venture and Taurus the remaining shares. Taurus said the JV will open a gun factory in India to produce different kinds of firearms.