Brazilian Government Will Keep Only Petrobras and Two Federal Banks

Privatization secretary Salim Mattar says that only oil company and banks Caixa Econômica Federal and Banco do Brasil will remain in the government

São Paulo

Salim Mattar, Bolsonaro's appointee to oversee the privatization of state companies, said on Tuesday (29th) that the government wants to keep only Caixa Econômica Federal, Banco do Brasil and Petrobras and sell the rest of all state-owned companies.

"We already have the president's support to reassure that only these three will remain. And they will be very lean because we intend to sell all of their subsidiaries," he said.

Brazil's Privatization Secretary Salim Mattar speaks at Credit Suisse Latin America conference in Sao Paulo, Brazil - REUTERS

The Bolsonaro administration had declared before that the three would be out of privatization efforts. Currently, the Brazilian federal government owns 138 companies.

Mattar avoided mentioning a timeline but said that his goal was to speed up privatizations from 150 days to 120 days.

He also said he intends to surpass the revenue goal established by Minister of Economy Paulo Guedes, of US$ 20 billion in 2019. "Our goal is to get between 25% and 50% of this amount still in 2019. We will surprise the minister with the privatizations."

Translated by NATASHA MADOV

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