January 12, 2018 / 9:22 PM / a year ago

Banco do Brasil puts Banco Patagonia share sale on hold -sources

BUENOS AIRES/SAO PAULO, Jan 12 (Reuters) - Banco do Brasil plans to wait for better market conditions before listing shares of Banco Patagonia, in which it has a majority stake, the CEO of Brazil’s state-run bank told Banco Patagonia board members on Friday, two sources familiar with the matter said.

CEO Paulo Rogerio Caffarelli reiterated in Buenos Aires that Banco do Brasil was not currently looking to sell its 59 percent stake in the Argentine bank, despite having received offers more than a year ago, the sources said.

Caffarelli said last month the bank was sticking to plans to list shares of Banco Patagonia.

Two sources with knowledge of the situation told Reuters in late 2016 that Banco Patagonia planned a 30 percent share listing in New York in 2017. (Reporting by Walter Bianchi and Aluisio Alves; Writing by Caroline Stauffer; Editing by Susan Thomas)

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