Industry

Banco do Brasil expects ROU above 18% and asset management sale

Banco do Brasil expects to post a return on equity above 18% this year and a net income between R$18.5bn and R$20.5bn after reporting Q4 profit rose by a fifth to R$4.62bn ($1.06bn). CEO Rubem Novaes, who has pushed unsuccessfully to privatise the entire bank, said that the lender will likely raise “billions of reais” from the sale of at least 51% of the lender asset management unit. The bank has already sold some non-core assets and formed joint-ventures to expand some businesses, such as an investment banking deal announced in November with UBS Group AG.

Source: Reuters