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. Banco do Brasil is the country’s second-largest bank with a market cap of $35 billion.

Source: KFGO