Brazil’s Caixa Aims to Raise $3.9B via Listings of Units, Including Its Insurer: Report

State-owned Brazilian bank Caixa Economica Federal is hoping to raise 15 billion reais ($3.88 billion) through the listing of four of its subsidiaries, chief executive Pedro Guimaraes told newspaper O Globo in an interview published on Saturday.

The bank aims to list its insurance, asset management, lottery and credit card subsidiaries in the second half of 2019 or first half of 2020, Guimaraes said. In January, he had said they could be listed within 12 months.

The company had previously disclosed that it plans to sell minority stakes in the subsidiaries through listings in Sao Paulo and New York.

($1 = 3.8671 reais) (Reporting by Jake Spring, Editing by Rosalba O’Brien)